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With the upcoming lame duck session slated to decide the fate of tax cuts, it becomes class warfare again. A great new article reminds us that the rich are already soaked pretty good:
"The Tax Foundation, which exercises impartial oversight over the numbers, says the top 5 percent of taxpayers in 2008 (adjusted gross income, $156,619) earned 34.7 percent of AGI while paying 58.7 percent of federal individual income taxes. The top 1 percent paid 38.02 percent of all taxes, whereas the bottom 50 percent (adjusted gross income of $33,408) paid 2.70 percent."
Good read: http://www.realclearpolitics.com/articles/2010/11/17/the_tax_rate_racket_107984.html
"The Tax Foundation, which exercises impartial oversight over the numbers, says the top 5 percent of taxpayers in 2008 (adjusted gross income, $156,619) earned 34.7 percent of AGI while paying 58.7 percent of federal individual income taxes. The top 1 percent paid 38.02 percent of all taxes, whereas the bottom 50 percent (adjusted gross income of $33,408) paid 2.70 percent."
Good read: http://www.realclearpolitics.com/articles/2010/11/17/the_tax_rate_racket_107984.html