11-07-2008, 06:08 PM
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CC Member
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Join Date: Dec 2006
Cobra Make, Engine: CSX 4000; Shelby aluminum FE with 58mm IDAs
Posts: 1,116
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Quote:
Originally Posted by nevermind65
Giving all those massive tax breaks to the wealthy sure paid off now didn't it?
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According to The Tax Foundation, in 2005 the top 1 percent of taxpayers (AGI over $364,657) earned approximately 21.2 percent of the nation's income (as defined by AGI), yet paid 39.4 percent of all federal income taxes. That means people representing the top 1 percent of tax returns paid about the same amount of federal individual income taxes as the bottom 95 percent.
http://www.taxfoundation.org/press/show/22652.html
Also, most tax deductions for folks making over $365k are phased out (primary tax deductions available are mortgage interest and charitable donations; they can't even take the deduction for their kids--as this is phased out), and they get hit with the AMT. So you might want to get informed a bit so you can step back from your class-warfare mentality.
nevermind65, how much more should folks in the top tax bracket be expected to pay? When is enough, enough?
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