Posted on 12/20/2006 8:33:49 PM PST by InvisibleChurch
THE TOP 1% PAY 35% Maybe liberals are onto something. They keep saying the rich should pay more taxes, and it turns out the rich already are! That's one of the valuable lessons from the IRS's annual study of income tax data, just released for 2004, says the Wall Street Journal.
Americans who earned more than $1 million in adjusted gross income paid $178 billion, or an average of $740,000 per filer, in income taxes in 2004. That's up about one-third from 2002, the year before the Bush tax cuts in marginal income-tax and dividend and capital gains rates. The wealthiest 1 percent of tax filers paid a remarkable 35 percent of all individual income-tax payments that year. Some will claim that this merely shows that the Bush tax cuts made the rich richer. In fact, the Statistics of Income data reveal that there were more Americans filing taxes in every income category from $50,000 and up in 2004. In other words, Americans across income categories were (and are) making more money thanks to the buoyant economy spurred in part by the tax cut.
The 2004 tax and income statistics also show that reported taxable income rose from 2002 to 2004 despite the cuts in tax rates:
Reported taxable income from those in the highest tax bracket rose by 39 percent; dividend income was up 42 percent, and income reported from capital gains nearly doubled (up 98 percent). As for capital gains tax collections, they were roughly 50 percent higher in 2004 than before the tax cut. Another chestnut of good news is that small business net income surged 24.4 percent in 2004 from a year earlier. Source: Editorial, "The Top 1% Pay 35%," Wall Street Journal, December 20, 2006.
For text (subscription required):
http://online.wsj.com/article/SB116658365804155347.html
For more on Taxes:
http://www.ncpa.org/sub/dpd/index.php?Article_Category=20
this tax business is crazy
See, it is not about the rich paying more taxes. It is about the rich being rich that goads the liberals. Therefore, they have to try and make the rich the unrich.
tax bump
Yeah.....and the RICH create all the jobs, too.....imagine that!
And don't forget, the bottom 50% pay about 5% (IIRC) of all taxes. There are a huge number of freeloaders on our system that will keep voting dem to get the continued free ride.
bttt
Tax cuts work. But you have to cut government spending or at least keep it the same.
I wonder if Peolsi, Kennedy, Gore and Kerry are paying 35%?
Somehow I doubt it.
It's not a 35% rate, but out of all "revenue" (if you can call it that) collected by the IRS, 35% came from the top 1% taxpayers. It's a subtle but significant difference.
Interesting.
But somehow I'm sure the venomous creatures I mentioned have found some way to shelter their assets that is not ordinarily available to the average wealthy individual not so well-placed politically.
No they don't. There are plenty of jobs "created" by people who aren't rich by any measure. In fact some employers make less than their employees.
What jobs do millionaire sports figures create? What jobs do millionaire movie stars create?
But many of those "rich" are politicians themselves. They just aren't what they consider the "very rich". They lead us peons to believe that all they get is their government salaries. Government salaries get them in the door to make huge sums of money.
What is rich?...
What jobs do millionaire sports figures create? What jobs do millionaire movie stars create?
Sports figures put butts in the seats and sell products through endorsements.
Movie stars can create hundreds of jobs on a single movie. What most people miss about the movie industry is the fact that it's largely a blue collar or middleclass profession. A typical movie shoot employees hundreds of people including drivers, caterers, make-up, electricians, tutors, doctors, insurance agents, seamstresses, carpenters, plumbers, etc. etc. etc.
I always suggest a Triple Liberal Tax. Let them feel good about themselves by spending their own money to fund parasites and useless/ineffective programs.
How much you wanna bet that not 1 liberal in 100 would voluntarily pay such a tax?????
My dad was a small business owner and employer. We were not poor by any means, but there were years where my Coast Guard E-4 salary was twice what my dad took home.
The venomous John Edwards, for example, dodges Medicare taxes, which have no ceiling, by declaring himself a Subchapter S Corporation so that he pays most of his wages to himself as dividends instead of salary. There are two Americas: one for sleezy trial lawyers and one for everyone else.
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