Free Republic

(Newser) – As you file your 1040, the White House wants you to know just how those dollars are being spent—so, for the third year in a row, it's offering a website to calculate just that. At the 2012 Federal Taxpayer Receipt, you enter your Social Security, Medicare, and income tax payments to learn what you spent where. The site offers specifics as President Obama pushes a budget that has drawn criticism from officials on both sides of the aisle, CNN notes. CNN reviews the tax bill of a married couple with one kid, making the approximate median US...

Both Hillary and Obama have explicitly stated that we need to "tax the rich" so each pays "their fair share". I recently came across a report titled DISTRIBUTION OF CERTAIN FEDERAL TAX LIABILITIES BY INCOME CLASS FOR CALENDAR YEAR 2000, as Prepared by the Staff of the JOINT COMMITTEE ON TAXATION. The following table from that publication is interesting. Income Category...................Individual Income Tax ................................................Income......Percent Less than $10,000.......................-5.........-0.6% 10,000 to 20,000........................-7........ -0.8% 20,000 to 30,000........................10..........1.1% 30,000 to 40,000........................30..........3.4% 40,000 to 50,000........................39..........4.4% 50,000 to 75,000.......................114.........12.9% 75,000 to 100,000......................113.........12.8% 100,000 to 200,000.....................213.........24.1% 200,000 and over...................... 377.........42.7% Highest 10%........................... 587.........66.4% Highest 5%.............................478.........54.0% Highest 1%.............................297.........33.6%...