Numbers don't lie

[202typical]

The Top 50% pay 96.54% of All Income Taxes
(The top 1% pay more than a third: 34.27%)

This is the latest data for calendar year 2003 just released in October 2005 by the Internal Revenue Service. The share of total income taxes paid by the top 1% of wage earners rose to 34.27% from 33.71% in 2002. Their income share (not just wages) rose from 16.12% to 16.77%. However,
their average tax rate actually dropped from 27.25% down to 24.31%

Think of it this way: less than 3-1/2 dollars out of every $100 paid in income taxes in the United States is paid by someone in the bottom 50% of wage earners. Are the top half millionaires? Noooo, more like "thousandaires." The top 50% were those individuals or couples filing jointly who earned $29,019 and up in 2003. (The top 1% earned $295,495-plus.) Americans who want to are continuing to improve their lives, and those who don't want to, aren't. Here are the wage earners in each category and the percentages they pay:
The top 1% pay over a third, 34.27% of all income taxes. (Up from 2003: 33.71%) The top 5% pay 54.36% of all income taxes (Up from 2002: 53.80%). The top 10% pay 65.84% (Up from 2002: 65.73%). The top 25% pay 83.88% (Down from 2002: 83.90%). The top 50% pay 96.54% (Up from 2002: 96.50%). The bottom 50%? They pay a paltry 3.46% of all income taxes (Down from 2002: 3.50%). The top 1% is paying nearly ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 16.77% of all income (2002: 16.12%). The top 5% earns 31.18% of all the income (2002: 30.55%). The top 10% earns 42.36% of all the income (2002: 41.77%); the top 25% earns 64.86% of all the income (2002: 64.37%) , and the top 50% earns 86.01% (2002: 85.77%) of all the income.

John Weicher, as a senior fellow at the Hudson Institute and a visiting scholar at the Federal Reserve Bank, wrote in his February 13, 1997 Washington Post Op-Ed, "Most of the rich have earned their wealth... Looking at the Fortune 400, quite a few even of the very richest people came from a standing start, while others inherited a small business and turned it into a giant corporation." What's happening here is not that "the rich are getting richer and the poor are getting poorer." The numbers prove it.

 

[polarbear]

The rich (a good number of them) are getting richer because they got off of their lazy arses and did something. Everyone has the potential to become wealthy, it boils down to recognizing opportunity, acting on it and motivation. Taxation should be the same across the board, no matter how much you make, you should pay the same flat rate as anyone else. These folks that feel the wealthy owe it to society to pony up for more than their fair share are the same that are too lazy to make it on their own.

Eric

 

[Moosie]

I'm gonig to CALL BS on your Numbers.....

I know the more I make It doesn't go back into tax's. Tax's are a great thing.... When you use (Or utilize) the system. Monies should be re~invested into 401k's, Rental properties, New Bizz endevours, and well needed things to run them like New Trucks

I would love to see a Flat tax. Everyone across the board get hit for 17.5%. Then, I think they should bring in an outside consultant accountant (Not hired by the FED's because they "F" everything up) to manage the spending. There should be a Set rate and then a Bonus given to the Accountant. Every $100 they save they get $0.10 back. I get you could cut billions off the spending......

Although I'm in favor of the Flat tax, As long as they Have Loopholes.... I'm using them

• 
  [*] -Moosie

~~If you're going to walk on thin ice, Ya might as Well DANCE !!
WALK the TALK, Or shut the HECK UP !!

 

[polarbear]

Moosies got the right idea as far as investing. I've been shoving money into stocks, 401 k's and land for years. Even tiny bit at a time will eventually all add up. My father in-law started out working at a brewery and through the years slowly bought rentals, land and eventually large apartment complexes. He did all of the maintenance work himself while working at the brewery. He worked his arse off and it payed off big time. My wife and I are following in his footsteps. Anyone can do it with a little planning and motivation.

Eric