TooMuchBlue

My collection of rants and raves about technology, my kids and family, social/cultural phenomena, and inconsistencies in the media and politics.

2004-11-01

Income tax statistics

It's probably too late for this to factor into anyone's voting decisions, but I just learned some shocking statistics about income taxes in this country. According to the IRS, the top 50% of wage earners pay over 96% of all income tax in the U.S. while earning about 86% of the income. This top 50% represents families earning $26,000 or more. The top 5% of wage earners (income over $296,000) pay a little over 53% of all income tax but earn only 32% of the income. I haven't found a link back to the IRS document - this is all from Rush Limbaugh's site. Rush extrapolates that the top 1% of wage earners (together) pay more than ten times as much as the bottom 50% together! This puts a different face on Kerry's proposal to increase taxes for the top 2% of wage earners. It's not as if these folks aren't carrying their share of the load. How much can you really expect to tax these people without impeding growth and success? What kind of incentive does this give a small business owner to climb to the next tax bracket?

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