Only the Rich Pay Taxes!
The Top 50% pay 96.54% of All Income Taxes
The Top 1% Pay More Than a Third: 34.27%
83.88% of all income taxes are paid by the top 25% of all income earners
This is the latest data for calendar year 2003 just released in October 2005 by the Internal Revenue Service. The share of total income taxes paid by the top 1% of wage earners rose to 34.27% from 33.71% in 2002. Their income share (not just wages) rose from 16.12% to 16.77%. However, their average tax rate actually dropped from 27.25% down to 24.31%
Think of it this way: less than 3-1/2 dollars out of every $100 paid in income taxes in the United States is paid by someone in the bottom 50% of wage earners. Are the top half millionaires? Noooo, more like "thousandaires." The top 50% were those individuals or couples filing jointly who earned $29,019 and up in 2003. (The top 1% earned $295,495-plus.) Americans who want to are continuing to improve their lives, and those who don't want to, aren't. Here are the wage earners in each category and the percentages they pay: The top 1% pay over a third, 34.27% of all income taxes. (Up from 2003: 33.71%) The top 5% pay 54.36% of all income taxes (Up from 2002: 53.80%). The top 10% pay 65.84% (Up from 2002: 65.73%). The top 25% pay 83.88% (Down from 2002: 83.90%). The top 50% pay 96.54% (Up from 2002: 96.50%). The bottom 50%? They pay a paltry 3.46% of all income taxes (Down from 2002: 3.50%). The top 1% is paying nearly ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 16.77% of all income (2002: 16.12%). The top 5% earns 31.18% of all the income (2002: 30.55%). The top 10% earns 42.36% of all the income (2002: 41.77%); the top 25% earns 64.86% of all the income (2002: 64.37%) , and the top 50% earns 86.01% (2002: 85.77%) of all the income.
Courtesy of Rush:
IRS Excel: Latest Data Calendar Year 2003
• NY Times Buries Truth on Taxes: tscript,
• CBO Report: Effective Federal Tax Rates Under Current Law, 2001 to 2014
• CY 2001 Posted Forever: here
• Myth Buster: Democrats Get More Campaign Cash from "Rich"
What else is there to say? As Rush says, "The Rich earned their dough (except Ted Kennedy).
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2 comments:
great post jen, i did a similar one recently. it's crazy how people get theses soundbites and take it as fact without actually knowing anything.
Fetching Jen,
I proudly do everything I can to legally avoid taxes. I am not considered rich by this chart, but I refuse to pay for the lazy and slothful, which is why I will max out my 401k next year. Actually, when my fiance and I get married next year, our tax burden will actually DECREASE due to Bush's elimination of the marriage tax penalty. Thank you, President Bush. At least someone's looking out for me.
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