Who pays taxes... just so you know

[glwilson]

IRS data points in 2005; which is the most "fresh" data.

The top 1% of the nation’s income earners paid in 38.4% of the nation’s taxes.

The top 5%, including the top 1%, paid in 58.8% of the nation’s taxes.

The top 10%, including the top 1 and 5%-ers, paid in 69.7% of the nation’s taxes; the top 25%... again inclusive of those “ahead” of them… paid in 85.6% of the taxes
and the top 50% paid in a whopping 96.8% of the total taxes paid.

The bottom 50% paid in only 3.2% of the total taxes.

The top 1% of the income earners did receive 21.8% of the total income of the nation, so their income earned/taxes paid ratio was 1.76:1.

That is, the top 1% of the nation’s wage earners paid in 1.76 times as much income tax as a percentage of that paid in total to income earned.

The top 5% received 37.2% of the total income of the country, so their taxes/income ratio was 1.58:1, falling as it will in a progressive income tax regime. By the time we get down to the top 10% of the nation’s income earners who took in 48% of the nation’s total income, the taxes paid/income ratio has fallen to 1.45:1.

At the top 25% level, where 68.5% of the total income has been earned, the ratio has fallen to .98:1.

At the top 50% level, the ratio has fallen to.90:1, but from there the ratio plunges to the point where the bottom 50%, having paid in only 3.2% of the taxes but having earned 50% of the income, sees its taxes paid/income ratio falling to .064:1!

For those arguing that the nation’s tax regime has become skewed against the poor, we offer up the following then, taking information from the IRS back in ’97: back then, the top 1% of the nation’s income earners paid in 33.2% of the total taxes; the top 5% paid in 52.9%; the top 10% paid 63.2%; the top 25% paid in 81.7% and the top 50% paid in 95.7%, while the bottom 50% paid in 4.3%.

In other words, the upper income levels paid in less of the total then than they do now and the bottom 50% paid in less… all despite the supposed unfairness of the Bush Tax cuts.

I am not trying to "stir the mud" here but rather trying to provide the facts.

Too often; the "masses" are confused or misinformed about the facts as delivered by political rhetoric and agendas.

Please don't be fooled. When those that have money are squeezed enough... "they will leave".