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CBO data - Federal individual income tax revenue trends from 2000-2009 (dollars and % GDP)
There was and is considerable controversy over who benefited from the tax cuts and whether or not they have been effective in spurring sufficient growth. Supporters of the proposal and proponents of lower taxes claimed that the tax cuts increased the pace of economic recovery and job creation. Further, proponents of the cuts asserted that lowering taxes on all citizens, including the rich, would benefit all and would actually increase receipts from the wealthiest Americans as their tax rates would decline without resort to tax shelters. The Wall Street Journal editorial page states that taxes paid by millionaire households more than doubled from $136 billion in 2003 to $274 billion in 2006 because of the JGTRRA.[2]
The Heritage Foundation concludes that the Bush tax cuts led to the rich shouldering more of the income tax burden and the poor shouldering less;[3] while the Center on Budget and Policy Priorities (CBPP) has concluded that the tax cuts have conferred the "largest benefits, by far on the highest income households." However that same publication indicates that more than 75% of tax savings (and cost to the treasury) went to households in the bottom 99% of income.[4] The underlying policy has been criticized by Democratic Party congressional opponents for giving tax cuts to the rich with capital gains tax breaks while acknowledging some benefit extended to middle and lower income brackets as well.[5]
I wonder what is taking the Republican House so long to pass an extension for the Bush tax cuts for the middle class.
I guess their printer must be broken.
.
What percentage of total income do the top two percent earn?
What percentage of total income tax do the top two percent pay?
.
The Bush tax cuts are a very large part of the reason that 47% pay no income taxes.
The Heritage Foundation is a conservative think tank whose mandate is to produce position papers to promote conservative values. Hardly an unbiased source.
What percentage of total income do the top two percent earn?
What percentage of total income tax do the top two percent pay?
.
I'll bite....how much?
One percent of taxpayers reported almost 17% of all taxable income. But that same tiny group also kicked in 37% of all the taxes paid.
Fall below that level and you are in the bottom half, along with nearly 70 million of your fellow taxpayers. All told, that group earned just 13% of the income reported on 2009 tax returns. And they coughed up 2.25% of all the income taxes paid.
More fantacy articals. How about getting the facts straight for once from the tax collectors who actually have the correct data.
Facts from the IRS: From 2001 to 2007 the people with the highest income got the biggest percentage cuts in their actual tax payments. The middle class had to subsidize the rich even more than before. It is time to end the tax subsidy to the rich. The middle class is tired of carrying your fat ass. BTW the poor are also paying taxes.
The Bush tax cuts are a very large part of the reason that 47% pay no income taxes.
The Heritage Foundation is a conservative think tank whose mandate is to produce position papers to promote conservative values. Hardly an unbiased source.
More fantacy articals. How about getting the facts straight for once from the tax collectors who actually have the correct data.
Facts from the IRS: From 2001 to 2007 the people with the highest income got the biggest percentage cuts in their actual tax payments. The middle class had to subsidize the rich even more than before. It is time to end the tax subsidy to the rich. The middle class is tired of carrying your fat ass. BTW the poor are also paying taxes.
The facts are that the rich pay more than their fair share.
The top one percent earn 17% of all income and pay 37% of all income taxes. Is this too difficult for you to comprehend?
The fact they earn 17% of income is what should be worrying. This is the highest rate in a long time. Wealth is being concentrated unnaturally, and it has nothing to do with taxes.
Your attention is being misdirected to keep you from seeing what is really going on.
Wakey wakey.
