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what % of the total U.S. tax collections are actually paid for by the middle class?
i know our tax code for income taxes has 6 brackets ranging from 10% - 35%, but how much of our total govt budget comes from income taxes on the middle class, vs. lower class, vs those making over $250,000 per year which seems to be the magic cut off point that obama keeps talking about? is it the 80-20 rule where the top richest 20% of the population pay 80% of the taxes? can't seem to find these statistics anywhere.
3 Answers
- Bob FLv 61 decade agoFavorite Answer
Judy's numbers are a little dated. It looks like 2004 data. Here is the 2006 data and you can see it has gotten worse since 2004:
Top 1% -- pay 39.89% -- earn over $388K
Top 5% -- pay 60.14% -- earn over $153K
Top 10% -- pay 70.79% -- earn over $109K
Top 25% -- pay 86.27% -- earn over $64K
So the richest 1% pay 40% (and rising) of the total. Do we need to keep pecking away at them? Where is the incentive to start a company or take risky investments when the Robin Hood government just takes it all and hands it to anybody who wants to sit around waiting for this month's government check?
Source(s): http://www.ntu.org/main/page.php?PageID=6 - Anonymous1 decade ago
The richest 400 Americans increased their wealth by $670 billion dollars during the past 7 years.
And now, they want $700 billion from all taxpayers for the bail out. Hmmm....
In any case - the other posters are correct about the percentage of total taxes paid.
But my feeling is that - if the richest 10% of Americans hold 70% of the wealth....they should pay 70% of the taxes.
