From what I see is two libtards that can't stand that the rich pay more than their fair share, actually pay 3/4 of the nations taxes. (this is the top 5% mind you) So we make an argument about percentages, which has been argued 100 of times and has shown to hurt the lower class the worst because it will balance percentage more. If you want to make percentages even, it will hammer everyone and actually help the rich. So instead you guys want the rich to go from paying 75% of the taxes to 80%. Yep sound argument nothing unfair there.
I found the following table, which supports the idea that progressive taxation works.
| Number of Returns with Positive AGI | AGI ($ millions) | Income Taxes Paid ($ millions) | Group's Share of Total AGI | Group's Share of Income Taxes | Income Split Point | Average Tax Rate |
All Taxpayers
| 137,982,203 | $7,825,389
| $865,863
| 100.0%
| 100.0%
| -
| 11.06%
|
Top 1%
| 1,379,822
| $1,324,572
| $318,043
| 16.9%
| 36.7%
| $343,927.00
| 24.01%
|
1-5%
| 5,519,288
| $1,157,918
| $189,864
| 14.8%
| 22.0%
| | 16.40%
|
Top 5%
| 6,899,110
| $2,482,490
| $507,907
| 31.7%
| 58.7%
| $154,643.00
| 20.46%
|
5-10%
| 6,899,110
| $897,241
| $102,249
| 11.5%
| 11.8%
| | 11.40%
|
Top 10%
| 13,798,220
| $3,379,731
| $610,156
| 43.2%
| 70.5%
| $112,124.00
| 18.05%
|
10-25%
| 20,697,331
| $1,770,140 | $145,747
| 22.6%
| 17.0%
| | 8.23%
|
Top 25%
| 34,495,551
| $5,149,871
| $755,903
| 65.8%
| 87.3%
| $ 66,193.00
| 14.68%
|
25-50%
| 34,495,551
| $1,620,303
| $90,449
| 20.7%
| 11.0%
| | 5.58%
|
Top 50%
| 68,991,102
| $6,770,174
| $846,352
| 86.5%
| 97.7%
| > $32,396
| 12.50%
|
Bottom 50%
| 68,991,102
| $1,055,215 | $19,511
| 13.5%
| 2.3%
| < $32,396
| 1.85%
|
However there is one systematic distortion, and I do not know how badly it affects the real story. The incomes here are AGI, a limited measure. Cap gains and other earnings on investment are almost exclusively the province of the rich, and payroll taxes are not accounted in this table either.
Can anyone tell me what the total of taxable capital gains by individuals per annum is, and how it breaks down by the wealth (however measured) of the individual? cn