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essentialsaltesBusiness Insider has provided a nice display on 'What the Wall Street Protesters are Angry About'
It's worth a read, though some of them I can't get all that upset about. What's that? Rich people are rich?
But let's turn to Figure 7
The top 20% of earners pay 64.3% of the taxes paid. That means they're paying more than three times their per capita 'fair share'.
Oh but wait, that top 20% earns 59.1% of the income. So their share of taxes works out to being 8.8% greater than their per-income 'fair share'. Woohoo! Soak the rich! Make them pay... 9% more.
Of course, those deadbeats at the bottom barely pay 54% of their fair share. Then again, they only have 3.5% of the total income. Hardly worth taking.
It's worth a read, though some of them I can't get all that upset about. What's that? Rich people are rich?
But let's turn to Figure 7
The top 20% of earners pay 64.3% of the taxes paid. That means they're paying more than three times their per capita 'fair share'.
Oh but wait, that top 20% earns 59.1% of the income. So their share of taxes works out to being 8.8% greater than their per-income 'fair share'. Woohoo! Soak the rich! Make them pay... 9% more.
Of course, those deadbeats at the bottom barely pay 54% of their fair share. Then again, they only have 3.5% of the total income. Hardly worth taking.
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Date: 2011-10-13 10:02 pm (UTC)http://www.irs.gov/taxstats/indtaxstats/article/0,,id=129270,00.html
However, note that I didn't say that the top 1% paid 40% of "their income in taxes" but that the top 1% pay 40% of THE taxes.