Income Tax: Top 1 Percent Pay more than Bottom 95

Tax Watch ^ | Fall Issue Newsletter | Tax Foundation Staff

[Sen Jack S. Fogbound]

Lawmakers often argue the “rich” don’t pay their fair share of taxes. But according to a new Tax Foundation study of IRS data, high-income taxpayers bear the vast majority of the nation’s federal income tax burden.

The study shows that in 2007, America’s top 1 percent of tax filers paid 40.4 percent of all federal income taxes— more than the bottom 95 percent of tax filers combined—despite earning about 22.8 percent of the nation’s income

[Sen Jack S. Fogbound]

Interesting read. I did not realize the higher income people pay that much...except for the tax cheats!

[GOPRaleigh]

ping

[RtWngr]

So what? They can afford it. /s

[Doogle]

..ask Gov. Paterson of NY how that tax the rich scam is working out

[FrankR]

Has anyone been noticing how the rich folks are fleeing NYC because of punitive taxation?

Well, that will also take place on a National Level if the obama steamroller keeps on running them down.

I would! If I were rich, I'd move to Canada, Costa Rica, Australia, or somewhere and retire. If I owned a business, I'd move it offshore too.

PLEASE MEMORIZE: Obama is not going to quit raping and pillaging America until the coffers run dry, or he is put out of office.

Democrats are crooks and theives for the most part, they just hide behind liberalism, communism and socialism as an excuse. After the last three democrat regimes we've had, people should stop looking for honorable democrats, they are far and few between.

If we want to continue this giant experiement called America, we'd better stop electing democrats to power...

[Leroy S. Mort]

In California, just 150,000 people pay 50% of all state income taxes. How’s that working out?

[dashing doofus]

This is the real Inconvenient Truth that Obama and his henchmen don’t talk about.

The so-called “rich” (in fact they are higher income, but not necessarily rich), already pay for just about everything.

I asked my kids when we were discussing this - why on Earth would anyone want to become a doctor, for example, under Obama/Summers/Geithner’s/Biden’s “spread it around” policies? It would be stupid.

Because, when you get out of medical school, with lets say $120K in debt and a negative net worth, you are NOT RICH. Far from it. Yet, the Obama worshippers will call you rich if you’re single and earn a doctors income. Then, they will want to tax you at a top marginal rate of nearly 40%. And this doesn’t include payroll (SS/Medicare) taxes, and any state income taxes.

So, it makes no financial sense to become a doctor if these plans go through.

[Sen Jack S. Fogbound]

I just realized that Obama will take care of the disparity between the rich and the lower income!

He will raise the taxes on the lower income!

I am also realizing the real reason why the companies are moving offshore! The Gummint are driving them out!

Reminds me of what Reagan said, “Did a poor man ever offer you a job?”