Extending the Payroll Tax Cut

[Cannon Shell]

Originally Posted by Danzig

the top 1% controls about 42% of the money, perhaps they should pay 42% of the taxes as well. they can certainly afford it!
that's not coveting, i'm certainly not going to get a penny of it.

the top 1 percent of earners account for 20.3 percent of total personal income in the United States and pay 21.5 percent of all federal and state taxes.

http://www.csmonitor.com/USA/2011/04...o-they-pay-now

[dellinger63]

Originally Posted by Cannon Shell

the top 1 percent of earners account for 20.3 percent of total personal income in the United States and pay 21.5 percent of all federal and state taxes.

http://www.csmonitor.com/USA/2011/04...o-they-pay-now

For Federal Income taxes using Adjusted Gross Income, it's just under 17% of total income and just under 37% of taxes paid. (2009 numbers.) Just sayin.

Table 1
Summary of Federal Income Tax Data, 2009


Number of Returns with Positive AGI
AGI ($ millions)
Income Taxes Paid ($ millions)
Group's Share of Total AGI
Group's Share of Income Taxes
Income Split Point
Average Tax Rate

Top 1%
1,379,822
$1,324,572
$318,043
16.9%
36.7%
$343,927.00
24.01%

Source: Internal Revenue Service

http://www.taxfoundation.org/news/show/250.html

[Riot]

I'm amazed to see people discover that we have a progressive income tax system in this country.

[Danzig]

Originally Posted by Cannon Shell

the top 1 percent of earners account for 20.3 percent of total personal income in the United States and pay 21.5 percent of all federal and state taxes.

http://www.csmonitor.com/USA/2011/04...o-they-pay-now

when i asked google, this was the top article in the results:

http://www.mybudget360.com/top-1-per...f-mega-wealth/

'42 percent of financial wealth is controlled by the top 1 percent.'

[Riot]

Originally Posted by Danzig

when i asked google, this was the top article in the results:

http://www.mybudget360.com/top-1-per...f-mega-wealth/

'42 percent of financial wealth is controlled by the top 1 percent.'

Cannon left this part of his article out of his quote:

So, what are the facts behind the debate? How much do wealthier Americans already pay in taxes?

Quite a lot of money, but perhaps not as much as is implied by the nation's progressive income-tax brackets, in which tax rates rise along with income.

One analysis, released Friday, finds that high-income Americans pay overall taxes that are roughly proportional to their income – and that most lower-income groups do the same.

[Cannon Shell]

Originally Posted by Riot

Cannon left this part of his article out of his quote:

Actually cannon used a quote that showed the numbers showing that high income earners paid a proportional amount of taxes versus income.

[Cannon Shell]

Originally Posted by Danzig

when i asked google, this was the top article in the results:

http://www.mybudget360.com/top-1-per...f-mega-wealth/

'42 percent of financial wealth is controlled by the top 1 percent.'

Financial wealth can mean a lot of things. If you have 10 million dollars of gold sitting in a safe deposit box it isnt taxable until you sell it for a profit. There is a difference between assets and taxable income obviously but often this gets lost in the translation.