Thursday, May 29, 2008
Tax Reality
For those who honestly believe that the "Rich" are getting tax breaks, and for those of you that think the "Poor" are over taxed, here is the reality of the tax system (through 2005).
Given that it is an election year I hope this e-mail will help illuminate who is & WHO ISN'T PULLING THEIR WEIGHT. These numbers are available through the IRS.
The Top 1% of Tax Returns pay 39% of ALL Federal Income Taxes
(up from 37% before Bush took office)
The Top 25% pay 86% of all Federal Income Tax
The Top 50% pay 97% of all Federal Income Taxes.
So, in a country of 300 million people there were 133.6 million tax returns in 2005.
Which means, in a country of 300 million people, 1.3 million pay 39% of the taxes.
Which also means, 33 million tax returns (you & me) pay 86% of the federal taxes.
So, next time someone claims that tax cuts for the "Rich" are unfair, ask them how much income makes someone rich? [As a side note, as married couple, one of which is a 25 year veteran of the police department and the other has in 25 years as a teacher, this couple will earn $125,000 in 2007 if they live in Chicago. I don't know about you, but I wouldn't consider a police officer and a teacher to be rich, would you?] Then, explain to them that since the bottom 50% of wage earners pay virtually no taxes, how in the world can you cut taxes below zero ?!?
Given that it is an election year I hope this e-mail will help illuminate who is & WHO ISN'T PULLING THEIR WEIGHT. These numbers are available through the IRS.
The Top 1% of Tax Returns pay 39% of ALL Federal Income Taxes
(up from 37% before Bush took office)
The Top 25% pay 86% of all Federal Income Tax
The Top 50% pay 97% of all Federal Income Taxes.
So, in a country of 300 million people there were 133.6 million tax returns in 2005.
Which means, in a country of 300 million people, 1.3 million pay 39% of the taxes.
Which also means, 33 million tax returns (you & me) pay 86% of the federal taxes.
So, next time someone claims that tax cuts for the "Rich" are unfair, ask them how much income makes someone rich? [As a side note, as married couple, one of which is a 25 year veteran of the police department and the other has in 25 years as a teacher, this couple will earn $125,000 in 2007 if they live in Chicago. I don't know about you, but I wouldn't consider a police officer and a teacher to be rich, would you?] Then, explain to them that since the bottom 50% of wage earners pay virtually no taxes, how in the world can you cut taxes below zero ?!?
