Tuesday, October 09, 2007

Paying Their Fair Share

Ah, the old liberal screed.

"The rich need to pay their fair share!" Well, in a summary post at The Tax Foundation, the rich are paying their fair share.

New data released by the IRS today offers interesting insights into the distributional spread of the federal income tax burden, new analysis by the Tax Foundation shows.

The new data shows that the top-earning 25 percent of taxpayers (AGI over $62,068) earned 67.5 percent of nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86 percent). The top 1 percent of taxpayers (AGI over $364,657) earned approximately 21.2 percent of the nation's income (as defined by AGI), yet paid 39.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid about the same amount of federal individual income taxes as the bottom 95 percent of tax returns.
Liberals openly covet and they depend on the covetousness of others in order to fan the flames of civil dissatisfaction that drives their movement--this erstwhile the top 10 per cent of earning Americans contribute over 70% of personal income taxes. The bottom half of the US population? Chalk them up for a meager 3.07%.

Fair share indeed.

h/t Right Wing News

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