From: Damien Sullivan (phoenix@ugcs.caltech.edu)
Date: Sat Apr 12 2003 - 10:27:49 MDT
My chat system found a good url:
http://www.rebeccablood.net/archive/2002/incometable.html
and equally useful the link at the bottom:
http://www.taxfoundation.org/prtopincometable.html
Yes, the top 1% is paying 37.4% of the income tax, and they only get 20% of
the total income. Of course, that is 20% of the total income. But there are
also time tables back to 1980. In 1980 the top 1% received 8% of the total
income (this is Adjusted Gross Income, to be precise) and the top 5% made 21%
of total. So the top 1% in 2000 receives the same share of income as the top
5% in 1980.
The top half makes 87% of the income and pays 96% of the tax, vs. 82% and 92%
in 1980. (From the table on top I think this all is just federal individual
income tax, totalling 980 billion in 2000; I'm guessing payroll taxes aren't
here, let alone corporate income tax.)
Average tax rate has gone from 15% to 15%, but with a depression in between.
Average tax rate on the top 1% has gone from 35% to 27%... not sure I get how
that works out. But it would seem we're not that far from a semi-flat tax in
practice.
-xx- Damien X-)
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