Tuesday, September 26, 2006

Tax the Rich - lower the rates

The Joint Economic Committee just released a report on tax shares by income. Currently the top 50% of earners in the country pay more than 97% of all taxes. (That is $64,401 in AGI). But even more interesting is that fact that the top 1% pays the highest percentage of tax in many years - with about 19% of the income share they pay 36.9% of the total tax burden in the income tax.

This is an old story that should not be surprising - but for many it is.

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