[FoRK] Re: Limeys can't comprehend US tax law? ;-)
<jbone at place.org> on
Thu Apr 24 20:51:51 PDT 2008
On Apr 24, 2008, at 10:38 PM, Kevin Elliott wrote:
> But anyone who thinks it needs it because "the rich aren't doing
> their part", is officially an idiot...
Fyi, here's a rather interesting blurb (not fact checked) from
Wikipedia about the distribution of taxes in this country...
There are about 117 million taxpayers in the United States. The
Treasury Department in 2006 reported, based on Internal Revenue
Service (IRS) data, the share of federal income taxes paid by
taxpayers of various income levels. The data shows the progressive tax
structure of the U.S. federal income tax system on individuals that
reduces the tax incidence of people with smaller incomes, as they
shift the incidence disproportionately to those with higher incomes -
the top 0.1% of taxpayers by income pay 17.4% of federal income taxes
(earning 9.1% of the income), the top 1% with gross income of $328,049
or more pay 36.9% (earning 19%), the top 5% with gross income of
$137,056 or more pay 57.1% (earning 33.4%), and the bottom 50% with
gross income of $30,122 or less pay 3.3% (earning 13.4%). If
the federal taxation rate is compared with thewealth distribution
rate, the net wealth (not only income but also including real estate,
cars, house, stocks, etc) distribution of the United States does
almost coincide with the share of income tax - the top 1% pay 36.9% of
federal tax (wealth 32.7%), the top 5% pay 57.1% (wealth 57.2%), top
10% pay 68% (wealth 69.8%), and the bottom 50% pay 3.3% (wealth 2.8%).
"Progressive" taxation indeed. Yeah Geege, you're right: I'm a
"regressive tax protectionist."
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