IRS has released data on who paid what in 2006
Well the wealthy does pay their “fair share” in taxes. But somehow with all of Bush’s tax cuts, the rich has paid more than their “fair share”.
The top 1% earned 22% of all reported income. But they also paid a share of taxes not far from double their share of income. The top 1% of taxpayers, those who earn above $388,806, paid 40% of all income taxes in 2006, the highest share in at least 40 years. The top 10% in income, those earning more than $108,904, paid 71%. Americans with an income below the median paid a record low 2.9% of all income taxes, while the top 50% paid 97.1%. Obama wants to cut even more taxes for the lower bottom. Does Obama think that one half of the country should pay for the other half?
The number of Americans who declared adjusted gross income of more than $1 million from 2003 to 2006 nearly doubled to 354,000 from 181,000 in a mere three years after the tax cuts. AMAZING!
Taxes paid by millionaire households more than doubled to $274 billion in 2006 from $136 billion in 2003. George Bush’s tax cuts actually took more from the rich than any other President in history. The budget deficit was reduced from 3.5% in 2003 to 1.9% of GDP in 2006.
So the bottom line is if you think that you’re killing the rich in tax hikes, you’re only going to kill yourself. Why?
Read the full Wall Street Journal story.
Check this story out: Pity the celebrity tax payer.
Do you know what the FairTax Act is?
* Ensures Social Security and Medicare funding
* Enables workers to keep their entire paychecks
* Enables retirees to keep their entire pensions
* Refunds in advance the tax on purchases of basic necessities
* Allows American products to compete fairly
* Brings transparency and accountability to tax policy
* Closes all loopholes and brings fairness to taxation
* Abolishes the IRS
For more information visit www.fairtax.org.
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Tags: Barack Obama, george bush, income tax, internal revenue service, irs, tax, the fair tax act
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August 20th, 2008 at 10:13 pm
“Does Obama think that one half of the country should pay for the other half?”
First, if one half of the country makes a lot more than the other half (which happens to be the case), then that first half is going to pay most of the income taxes even if the income tax is completely flat (which practically no one advocates, since most people think people who are scraping by shouldn’t have to pay any tax on their income). If you want each group to pay the same amount, then you’d have to have a head tax which would force the poor to pay a far higher percentage of their income (if not all of it) than the wealthy.
Second, income taxes are only part of the story. Most people pay more in wage taxes than income taxes. Sales taxes are generally regressive. Those in low income communities often have higher property tax rates because their tax base is low but they still need to pay their teachers. Put that all together, and our tax system is far flatter than the income tax alone would indicate.
August 20th, 2008 at 10:14 pm
“George Bush’s tax cuts actually took more from the rich than any other President in history.”
Again, that’s wrong. The reason the wealthy are paying a greater share of the nation’s income taxes is that they’re making a lot more than at the beginning of his term. They’re still paying a lower rate after his tax cuts than before. (I should know, since I fall into that category.)