Taxes

Discussion in 'Current Events' started by AequitasVeritas, Aug 17, 2004.

  1. AequitasVeritas
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    AequitasVeritas Member

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    I was in class tonight and my professor said the top 10% of wage earners pay only 2% of the total taxes paid in the U.S. Then I heard Sean Hannity say the top 10% pay 50% of the total.
    So who is right and where can I find some factual information about this?
     
  2. Annie
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    Annie Diamond Member

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    I didn't read this all, but it looks like you could find the info here:

    http://www.cbo.gov/showdoc.cfm?index=527&sequence=0&from=1
     
  3. Moi
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    Moi Active Member

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    This data was pubished in April 2004:

    • In 2001, the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.3 percent) of all individual income taxes, but reported roughly one-third (32.0 percent) of income.
    • The top 1 percent of taxpayers paid 33.9 percent of all individual income taxes in 2001. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.
    • Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 90 percent of all individual income taxes. In 2000 and 2001, this group paid over 96 percent of the total.
    • The President’s tax cuts have shifted a larger share of the individual income taxes paid to higher income taxpayers. In 2004, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.
    • The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.
    • The share of taxes paid by the top 1 percent of taxpayers will rise from 30.5 percent to 32.3 percent.
    • The average tax rate for the bottom 50 percent of taxpayers falls by 16 percent as compared to a 12 percent decline for taxpayers in the top 1 percent.
    http://www.ustreas.gov/press/releases/js1287.htm
     
  4. AequitasVeritas
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    AequitasVeritas Member

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    Thanks for the info!
     
  5. MtnBiker
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    MtnBiker Senior Member

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    What was your professor teaching and why is his so ill informed?
     
  6. AequitasVeritas
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    AequitasVeritas Member

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    College Professor of U.S. History following WWII
     
  7. AequitasVeritas
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    AequitasVeritas Member

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    As for him being ill informed... well I don't have an answer for that. I just wanted to be able to show him (and the rest of the class) he wasn't accurate. I do not appreciate people spewing info that has no factual backing.
     
  8. Fmr jarhead
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    Fmr jarhead Senior Member

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    What University is this?
     
  9. Mr. P
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    Mr. P Senior Member

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    The guy's a liberal idiot...

    * In 1997, the top 1% of income earners in this country paid 29% of the total federal income taxes.
    The top 10% of income earners paid 60% of the total federal income taxes.
    The top 20% of income earners paid 74% of the total federal income taxes.
    The bottom 50% of income earners paid 5% of the total federal income taxes. (6)

    http://justfacts.com/fiscal_1.html
     
  10. dmp
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    dmp Senior Member

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    This is how liberals spin tax breaks:


    If I make 1,000,000 a year, and the tax rate is 33%, my taxes are 333,333.

    If you make 10,000 a year, and the tax rate is 33%, your taxes are 3,333.

    When the president says "Okay! All income taxes are now 30%" I save 33,333 dollars a year in taxes. You save 333 dollars. Democrats now start hollering that "Look! Your tax breaks are only saving the RICH PEOPLE money!! They are TAX BREAKS FOR THE ELITE RICH!!"

    :-/

    Dumbasses. I'd be willing to bet a guy making $10K a year would MUCH more appreciate the $333 he's saved, over somebody who even ten TIMES that amount doesn't mean much to their quality of life.
     

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