Tax The Rich!
October 23, 2006
Raise taxes!
Thats what will happen to the people of America if the Dems take control of Congress.
The mantra this year is Soak the Rich and ease up on the middle class.
Yah, “try this Jesus juice, it will makie you feel better sweety!” They remind me of Jim Jones.
Under Bush, the Rich are paying more taxes than almost ever!
The IRS just completed their analysis of 2004 tax returns,(as reported by Kiplinger Tax Letter dated October 6, 2006).
Relatively speaking, people that earn high incomes are bearing the second highest burden since the 1986 Tax Reform Act passed.
- The top 1% of filers paid 36.9% of all income taxes, up from 34.3% the year before, but represented just 19% of total Adjusted Gross Income (AGI). An AGI of at least $328,000 was needed to be classified in the top 1%.
- The top 5% of tax filers paid 57% of total income tax received by the IRS, and made 33% of total AGI. These filers all had incomes of $137,000 or more.
- The top 10% of all filers - those with AGI’s of at least $99,100 - bore 68% of the income tax burden, but only represented about 44% of total Adjusted Gross Income.
- The bottom 50% of filers paid just 3.3% of total income tax, down from 3.5% the prior year. This was the lowest figure in recent years.
- The lowest-income earners actually had a NEGATIVE income tax rate, due to the Earned Income Credit refunding income and payroll taxes.
Under a Republican President George W. Bush, the lowest earners in America are paying less tax than they have in years.
That you will not see on Katy Couric!
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