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Reply With QuoteAnd what percentage of all wealth is owned by the top 1 percent? and the top 5?
CBO: The rich pay an outsized share of taxes
Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office — though the agency said the very richest have seen their share of taxes fall the past few years.
CBO looked at 2007 through 2009 — the latest years data are available, but enough to include the early effects of the last recession — and found the bottom 20 percent of American earners paid just three-tenths of a percent of the total federal tax burden, while the richest 20 percent paid 67.9 percent of taxes.
The top 1 percent, whom President Obama has made a target during the presidential campaign, earned 13.4 percent of all pre-tax income but paid 22.3 percent of taxes in 2009, CBO said. When tax burden is figured in, the top 1 percent took in only 11.5 percent of income.
But the richest 1 percent’s share of the total tax burden did drop 4.4 percentage points from 2007 to 2009 — a figure likely to bolster Mr. Obama’s calls for them to pay more by letting the Bush-era tax cuts expire.
The big losers over the past few years were the rest of the well-off — those in the 60th percent to 99th percent of earnings — who saw their tax burdens go up.
“Specifically, between 2007 and 2009, the share of taxes paid fell for the bottom three income quintiles, was close to flat for the fourth quintile, but rose for the highest quintile,” CBO said. “Within the top quintile, however, the shift was uneven; the share paid by the top percentile fell, and the share paid by the rest of the top quintile rose.”
In terms of actual earnings, the top 1 percent suffered the most in the recession, with their average earnings dropping from $1.9 million to $1.2 million. The lowest 20 percent saw their incomes drop from $23,900 to $23,500 during that time.
CBO included a wide range of measures of income including wages, employer-paid health insurance premiums and capital gains.
CBO said the top 1 percent earned an average of 1.9 million in pre-tax income in 2009, while the top 20 percent as a whole averaged $273,000. The fourth quintile averaged $98,400, the middle quintile averaged $67,600, the second quintile averaged $45,600, and the lowest quintile averaged $23,900 in income.
Mr. Obama has called for households making $250,000 a year or more to pay higher income tax rates, though he has proposed extending the Bush-era rates for those making less.
Republicans have countered that they want a one-year extension of all current rates in order to have breathing space to tackle a broader overhaul of the tax code.
CBO, the non-partisan agency that serves as Congress’ official scorekeeper, said the current tax code is progressive chiefly because of the income tax structure. On average, the lowest 40 percent of earners actually get money back through the income tax code because of refundable tax credits.
Actual changes to the tax code between 2007 and 2009 benefited the lowest earners, CBO said.
http://www.washingtontimes.com/news/...d-share-taxes/
And what percentage of all wealth is owned by the top 1 percent? and the top 5?
Argue for your opinion because it is true, not because it is your opinion.
Please check out my Micropropagation journal
http://www.rollitup.org/grow-journal...tion-grow.html
bleating about this percent or that percent is demanding answers which will NEVER be provided.Originally Posted by canndo
economists divide the populace into fifths, not individual percentiles. those numbers would be meaningless except as fodder for populist rabblerousers and demagogues
why dont you figure it out yourself instead of demanding others do the work for you?
because you cant do the math.
The political views of The Washington Times are often described as conservative.[48][49][50] The Washington Post reported: "the Times was established by Moon to combat communism and be a conservative alternative to what he perceived as the liberal bias of The Washington Post."[5]
The Washington Times was founded in 1982 by News World Communications, an international media conglomerate associated with the Unification Church which also owns newspapers in South Korea, Japan, and South America, as well as the news agency United Press International.[1] Bo Hi Pak, the chief aide of church founder and leader Sun Myung Moon, was the founding president and the founding chairman of the board.[2
What does this have to do with the CBO commenting on taxes?
Imagination was given to man to compensate him for what he is not, and a sense of humor was provided to console him for what he is.- Oscar Wilde
Really? I can't do the math or is it that showing the disproportionate ownership of wealth might show your argument up.
Argue for your opinion because it is true, not because it is your opinion.
Please check out my Micropropagation journal
http://www.rollitup.org/grow-journal...tion-grow.html
No matter what, The uber-wealthy do not pay enough. Under Eisenhauer, the rate was over 90%. That sounds more appropriate. Tax them tell they bleed, then provide social services for all, medical, food, housing, whatever it takes to level the playing field, yeah that's right, I am a total socialists. I am for social justice through balanced taxation. There is plenty of money, it is just controlled by too few.
Once upon a time...................
You cannot bring about prosperity by discouraging thrift.
You cannot strengthen the weak by weakening the strong.
You cannot help little men by tearing down big men.
You cannot lift the wage earner by pulling down the wage payer.
You cannot help the poor by destroying the rich.
You cannot establish sound security on borrowed money.
You cannot further the brotherhood of man by inciting class hatred.
You cannot keep out of trouble by spending more than you earn.
You cannot build character and courage by destroying men's initiative and independence.
you cannot help men permanently by doing for them what they can and should do for themselves.
Imagination was given to man to compensate him for what he is not, and a sense of humor was provided to console him for what he is.- Oscar Wilde
It sounds appropriate to violently steal all of a mans money to you? Interesting Viewpoint...Are you some kind of thief or murderer by trade as welll or do you only share thief ideology? Are you a thug?
Last edited by deprave; 07-10-2012 at 07:15 PM.
No, no, and no......I figured to rile up the right, mission accomplishid..............
Once upon a time...................
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