The Truth about Taxes
Look at the graph above and think of it this way: less than 4 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 all these rich millionaires we always hear about? 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.)
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. The top 5% pay 54.36% of all income taxes. The top 10% pay 65.84%. The top 25% pay 83.88%. The top 50% pay 96.54%. The bottom 50%? They pay a paltry 3.46% of all income taxes.
The next time you hear a Democrat in an election talking about how we should not give tax cuts to the rich but should give tax cuts to the poor and middle class - just remember what you have read here. You can not give a tax cut to a person who is already not paying any taxes. Any person making under $29,000 a year is already NOT PAYING ANY TAXES! You can not cut their taxes anymore. The only people who are even able to receive a tax cut are the ones in the top 50% of all wage earners. When tax cuts are proposed, most democrats say they are only tax cuts for the rich. Just remember that these so called rich people.. are the only ones even paying taxes to begin with. .. and I would not call people making over $29,000 a year rich.
Just something for you to think about during the next upcoming elections...