[lit-ideas] Paying taxes for months on end
- From: Brian <cabrian@xxxxxxxxx>
- To: lit-ideas@xxxxxxxxxxxxx
- Date: Tue, 24 May 2005 06:18:03 -0500
Hard to believe that more people are not outraged by the onerous tax
practices in this country but I guess big media has parroted
Democratic talking points well and often enough about "the rich" to
codify envy into our tax codes.
Excerpt:
We are finally done paying taxes. The average American finished on
April 17, two days after the filing deadline...Most political battles
occur over income taxes. But any fair income tax cut will benefit
those who actually pay income taxes. Many low income people don't.
Explains the Tax Foundation, "Thanks largely to the new child tax
credit and the earned income tax credit, approximately 40 million
taxpayers owe nothing for the entire year." Moreover, a general cut
will obviously most benefit those who pay the most. Who are -
surprise! - those who earn the most. Indeed, the vast majority of
income tax collections come from those who are better off, if not
exactly "rich."
For instance, in 2002, which offers the most recent data, the top 1
percent of taxpayers paid 33.7 percent of federal income levies. The
top 5 percent accounted for 53.8 percent of collections. The top 10
percent paid 65.7 percent. The top 25 percent kicked in 83.9 percent.
And the top 50 percent paid 96.5 percent of all income taxes
collected. Put another way, the bottom half of Americans contributed
just 3.5 percent of total income taxes. No wonder they don't get most
of a "tax cut" when they don't pay much in taxes.
http://www.townhall.com/columnists/dougbandow/printdb20050516.shtml
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