Wednesday, March 25, 2009

Skin in the game?

Facts based off of 2006 filed tax returns.
The top 1% earned 22.06% of the income and paid 39.89% of the taxes.
The top 5% earned 36.66% of the income and paid 60.14% of the taxes.
The top 25% earned 68.16% of the income and paid 86.27% of the taxes.
The top 50% earned 87.49% of the income and paid 97.01% of the taxes.
The bottom 50% earned 12.51% of the income and paid 2.99% of the taxes.
http://www.taxfoundation.org/news/show/250.html


From tax preparation experience and understanding of tax brackets, that it is likely the bottom 40% likely pay nothing. With things like the earned income credit and the refundable child tax credit, people can collect more than they paid in. Maybe when BHO starts spouting his bullshit about skin in the game, maybe the bottom 40% should pay something. It is always easier to go along with tax increases on someone else when you won't feel the effects of a tax increase. I'm tired of the excuse because they can afford to. Just because the "rich" can afford it doesn't make it right.

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