Sunday, November 21, 2010

Tax data 2008 - post recession the rich pay their fair share, again

35 million Taxpayers, 25%, 1 tax filer in 4, pay $890 Billion. That's everybody that declares an Adjusted Gross Income of greater than $67K. That is, once again, 86% of all Federal income taxes raised.

The top 5%, everyone declaring over $160K (remember, this is on filings, think dual income household filing jointly), About 7 million of the population of 330 million (apples and oranges - it is 7 million filings out of 140 million), paid $605 billion or 59% of total income taxes raised.

9.5 million returns reported unemployment income up 25% to a total of $43.7 billion.

75% of tax returns contribute only about another $114 Billion in Federal revenue.

Just what is 'fair share?'

This is Tax Foundation data from 2008.

Accurate Reality: We cannot sustain a government this big on the wealth creating efforts of so few.

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