[ECON] US income tax summaries

From: Damien Sullivan (phoenix@ugcs.caltech.edu)
Date: Sat Apr 12 2003 - 10:27:49 MDT

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    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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