As tax rates drop, top 1% pays more in taxes

  • Posted by a hidden member.
    Log in to view his profile

    Apr 23, 2011 10:53 PM GMT
    http://mjperry.blogspot.com/2011/04/tax-rates-and-share-of-tax-revenues.html

    In 1979 the top marginal income tax rate was 70% and 18.3% of the total taxes paid were collected from the top 1% of taxpayers. By 2007 the top tax rate was 35% (half of the 1979 rate), and the tax share of the top 1% had more than doubled to 39.5% (from 18.3% in 1979).

    taxrates.jpg
  • Posted by a hidden member.
    Log in to view his profile

    Apr 23, 2011 10:56 PM GMT
    This is fantastic news...well not for the riches I guess icon_lol.gif

    Thx for posting!
  • rnch

    Posts: 11524

    Apr 23, 2011 10:57 PM GMT
    "you can prove ANYTHING with statistics!"----Homer J. Simpson
  • Posted by a hidden member.
    Log in to view his profile

    Apr 23, 2011 10:59 PM GMT
    rnch said"you can prove ANYTHING with statistics!"----Homer J. Simpson


    LOL if you don't over-massage or make up the data
  • Posted by a hidden member.
    Log in to view his profile

    Apr 23, 2011 11:04 PM GMT
    Well, they made all the income...
  • Posted by a hidden member.
    Log in to view his profile

    Apr 23, 2011 11:06 PM GMT
    The rich have always subsidized the poor. Another interesting figure was that about 55% of income tax is paid by top 10%.
    And the highest 1/5 of Americans pay 70% of the income tax where the avg income is $88,000. However, the top 5% earn $157,000.

    But this is funny: Between 36 years from 1967-2003, the 20th percentile had an income increase of around $3000. The 95th percentile had an income increase of around $65,000 in the same time period. Education is one of the biggest contributors of this where the high school graduation rate doubled during this time period.
  • Posted by a hidden member.
    Log in to view his profile

    Apr 23, 2011 11:33 PM GMT
    carminea saidHowever, the top 5% earn $157,000.


    LOL with the way that the economy is going now, it will be the new poor. lol. I have friends who made over one million dollar last year and told that he feels poor. I was like WTF.
  • Posted by a hidden member.
    Log in to view his profile

    Apr 24, 2011 12:52 AM GMT
    LOL
    Whatever.
    59% of Americans support raising taxes on the rich.

    http://www.gallup.com/poll/147080/Americans-Back-Budget-Deal-Declare-No-Winner.aspx

    With the massive National Debt problem we face, revenue must be increased - in addition to cutting spending.
    Middle and lower income Americans are going to have to sacrifice with some of the spending cuts that are going to be made - and wealthy Americans need to sacrifice by paying higher taxes.

    That's the only way to achieve real Debt reduction.
  • rnch

    Posts: 11524

    Apr 24, 2011 10:49 AM GMT
    rickrick91 saidLOL
    Whatever.
    59% of Americans support raising taxes on the rich.

    http://www.gallup.com/poll/147080/Americans-Back-Budget-Deal-Declare-No-Winner.aspx

    With the massive National Debt problem we face, revenue must be increased - in addition to cutting spending.
    Middle and lower income Americans are going to have to sacrifice with some of the spending cuts that are going to be made - and wealthy Americans need to sacrifice by paying higher taxes.

    That's the only way to achieve real Debt reduction.





    slowly, Americans (GOPs and dems) are realizing that renewing taxation on the Reagan Rich is going to have to happen to reduce our national debt.
  • TrentGrad

    Posts: 1541

    Apr 24, 2011 11:17 AM GMT
    rickrick91 saidLOL
    Whatever.
    59% of Americans support raising taxes on the rich.

    http://www.gallup.com/poll/147080/Americans-Back-Budget-Deal-Declare-No-Winner.aspx

    With the massive National Debt problem we face, revenue must be increased - in addition to cutting spending.
    Middle and lower income Americans are going to have to sacrifice with some of the spending cuts that are going to be made - and wealthy Americans need to sacrifice by paying higher taxes.

    That's the only way to achieve real Debt reduction.


    +1
  • Posted by a hidden member.
    Log in to view his profile

    Apr 24, 2011 11:44 AM GMT


    Oh...

    So the GOP talking point now is to use the word "SHARED"