Midpack
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
jdw_fire: Don't agree with you, so considering the thread from just a few days ago http://www.early-retirement.org/forums/f52/the-rich-should-pay-their-fair-share-57195.html, exactly how much would you propose increasing personal tax rates on high income earners? Please be specific, how much more punitively "progressive" should tax rates be in your view?
And if you're talking those above $250K/yr, it doesn't even come close to resolving the issue alone.
And if you're talking those above $250K/yr, it doesn't even come close to resolving the issue alone.
I saw the chart below, which is supposed to be from IRS numbers in 2008. I also keep hearing on the news that the "rich" should have to pay their fair share as a way to get us out of the debt/deficit crisis. From the data alone, it would seem to me that this is already happening and how much more progressive can we get with the tax code and still have some semblence of an "ownership" culture in this country?
The top 5% of all taxpayers (income split on this group was at $159,619 in 2008) paid 58.72% of all federal individual income taxes in 2008.
Let's continue to break this down:
Top 10% (Income Split Point $113,799) Paid 69.94% of Federal Individual Income Taxes
Top 25% (Income Split Point $67,280) Paid 86.34% of Federal Individual Income Taxes
Top 50% (Income Split Point $33,048) Paid 97.30% of Federal Individual Income Taxes
Bottom 50% (Anyone Making Less Than $33,048) Paid 2.7% of Federal Individual Income Taxes