Friday, July 31, 2009

Evil Rich

It is even worst than what I noted in A New York State of Mind in that the tax burden on the top 1% of wage earners now exceeds that of bottom 95%. IRS data shows that in 2007 the top 1% of taxpayers paid 40.4% of the total income taxes collected by the federal government. That is just disgraceful!

The numbers break down as follows:
  • The top 1% paid 40.4% of all federal taxes for 2007.
  • Adding in the next 4% for a total of the top 5% comes to 60.6% of all federal taxes for 2007.
  • The top 50% of tax payers account for 97.11% of the 2007 federal taxes paid.
  • The bottom 50% paid 2.89%.
It is even worst than this. Not only are the bottom 50% of tax payers only paying 2.89% of federal taxes but a large number of them are actually getting federal welfare checks in the form of tax refunds for monies they did not pay in the first place.

I would bet dollars to donuts that this information is not reported by any of the major news networks (Fox excluded). This just does not fit in with the mime of evil, selfish rich.

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