but if you flip things over and look at it another way . .. . .
the top 50% pay 96.54% of all income taxes and the top 1% pay more than a third, 34.27%.
this is the latest data
for calendar year 2003 just released in october 2005
by the internal revenue service. the share of total income taxes paid by the top 1% of wage earners rose to 34.27% from 33.71% in 2002. their income share (not just wages) rose from 16.12% to 16.77%. however,
their average tax rate actually dropped from 27.25% down to 24.31%
think of it this way: less than 3-1/2 dollars out of every $100 paid in income taxes in the united states is paid by someone in the bottom 50% of wage earners. are the top half millionaires? noooo,
more like "thousandaires." the top 50% were those individuals or couples filing jointly who earned $29,019 and up in 2003. (the top 1% earned $295,495-plus.) americans who want to are continuing to improve their lives, and those who don't want to, aren't. here are the wage earners in each category and the percentages they pay:
the top 1% pay over a third, 34.27% of all income taxes. (up from 2003: 33.71%) the top 5% pay 54.36% of all income taxes (up from 2002: 53.80%). the top 10% pay 65.84% (up from 2002: 65.73%). the top 25% pay 83.88% (down from 2002: 83.90%). the top 50% pay 96.54% (up from 2002: 96.50%). the bottom 50%? they pay a paltry 3.46% of all income taxes (down from 2002: 3.50%). the top 1% is paying nearly ten times the federal income taxes than the bottom 50%!
and who earns what? the top 1% earns 16.77% of all income (2002: 16.12%). the top 5% earns 31.18% of all the income (2002: 30.55%). the top 10% earns 42.36% of all the income (2002: 41.77%); the top 25% earns 64.86% of all the income (2002: 64.37%) , and the top 50% earns 86.01% (2002: 85.77%) of all the income.
so, my husband and i are in the top 50% . . . just a little part-time rn and a logging truck driver.
that is who you are talking about when you talk about soaking the "rich".
me. probably you.