I was watching the Today Show this morning and Tom Daschle was once again complaining about Bush's Tax cuts for "the rich". What he doesn't say is that when the rich are paying most of the taxes to begin with, they are the ones to be getting most of the relief. This article on Newsmax.com talked about just that:The Bush Tax Cut Program – Feeding the Goose …
Some numbers they posted:
Who pays income taxes? According to the IRS, using figures from the year 2000:
The top 1%: those with Adjusted Gross Income (AGI) of more than $313,469 pay 37.42 percent of all income tax collected.
The top 5%: Those with an AGI of $128,336 pay 56.47 percent of all taxes.
The top 10%: Those who earn $92,144 or more pay 67.33 percent.
The top 25%: Those with an AGI of $55,225 or more pay 84.01 percent.
The top 50%: Those earning $27,682 or more pay 96.09 percent.
The bottom 50%: Those with and AGI of less than $27,682 pay a mere 3.91 percent of all taxes.
Some numbers they posted:
Who pays income taxes? According to the IRS, using figures from the year 2000:
The top 1%: those with Adjusted Gross Income (AGI) of more than $313,469 pay 37.42 percent of all income tax collected.
The top 5%: Those with an AGI of $128,336 pay 56.47 percent of all taxes.
The top 10%: Those who earn $92,144 or more pay 67.33 percent.
The top 25%: Those with an AGI of $55,225 or more pay 84.01 percent.
The top 50%: Those earning $27,682 or more pay 96.09 percent.
The bottom 50%: Those with and AGI of less than $27,682 pay a mere 3.91 percent of all taxes.
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