the San Diego Union tribune ran an article today written by Robert J. Caldwell (staff editor). he included the following stats from 1999:
"The top 1 percent of income earners (adjusted gross incomes abouve $293,413) paid 36.2% of all federal personal income taxes.
"The top 5 percent of income earners (adjusted gross incomes above $120,846) paid 55.5% of all federal personal income taxes.
"The top 10 percent of income earners (adjusted gross incomes above $87,682) paid 66.5% of all federal personal income taxes."
The bottom 50% of wage earners in 1999 (adjusted gross incomes below $26,415) paid 4% of all federal personal income taxes.
Figures for 2001, tax-cut included, will not differ more than a percentage point either way. It is that bottom 50% (and the limosine liberals) to whom all the Democrat rhetoric on taxes is directed.
The links are good. Some of the figuring in my response was done rough-hewn and fast, but pretty close.
The reason any "figuring" had to be done was that each source used a different basis, so I had to push some to make 'em fit together.
--Boris
"The top 1 percent of income earners (adjusted gross incomes above $293,413) paid 36.2% of all federal personal income taxes."
I thought that you might like to know the source of that data. It is compiled every year by the Tax Foundation. It is always two years behind, because the IRS takes that long to release the raw data. The complete table, shows who pays what amount of taxes by percentage and dollar amount and also indicates income level in dollars. It is very interesting. The complete data table for 1999 is located here.
I have been tracking the Tax Foundation data every year for some time and the interesting point that I have observed is that every year, while the top earners pay progressively more of the tax load, in proportion to their share of total income, Forbes data collected over the same time period shows progressively fewer billionaires in the US. This becomes even more telling, when you consider that during that same time period, the number of billionaires worldwide has increased steadily. This just adds to the growing amount of data indicating that the wealthy are taking the only option left to them by the US government - they are leaving. This, of course, reduces the tax base accordingly. Guess who gets to make up the difference.
Now we see the implementation of the (grossly misnamed) US Patriot Act, that is a direct attack on those who too efficiently use the deductions and exclusions, allowed in the tax code, to avoid (not evade) unnecessary taxes. What effect do you think this will have on the wealthy, who pay the lion's share of the taxes. That's right. You can expect many more to leave within the next 12 to 24 months, as they get their money moved offshore. That will translate into more lost tax base. Guess who gets to make up the difference.
Take a look at that table and play with the numbers. It's really scary.