[lit-ideas] Re: The Top 50% pay 96.54% of All Income Taxes

  • From: "Andreas Ramos" <andreas@xxxxxxxxxxx>
  • To: <lit-ideas@xxxxxxxxxxxxx>
  • Date: Thu, 6 Oct 2005 11:45:41 -0700

This is even worse than the "Europe is appeasers" article.

MA, go ahead: tell us why this article is seriously misleading.

yrs,
andreas
www.andreas.com


----- Original Message ----- From: "M.A. Camp" <macampesq@xxxxxxxxx>
To: <lit-ideas@xxxxxxxxxxxxx>
Sent: Thursday, October 06, 2005 10:19 AM
Subject: [lit-ideas] The Top 50% pay 96.54% of All Income Taxes



The Top 50% pay 96.54% of All Income Taxes Rush Limbaugh.com ^<http://www.rushlimbaugh.com/home/menu/cy2003.guest.html>| 10/04/05

This is the latest data <http://www.irs.gov/pub/irs-soi/03in05tr.xls>* *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% * *


*Data covers calendar year 2003, not fiscal year 2003 - and includes all income, not just wages, excluding Social Security 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 (Down 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.
--
Cheers,
M.A. Camp, Esq.

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