Tax hogwash debunked......
If you believe what some members of a certain political party say, you might think that the poor average Joe Worker bears the brunt of the Federal income tax burden. If you did believe this hogwash, you'd be terribly wrong. This recent release of tax data sets the record straight. The income level with which I'm familiar, the top 25% and above, pays over 83% of all Federal income taxes collected. And not to sound like a millionaire, the top 25% starts at only about $53,000 a year in earned income. The top 1% level of income tax payers shoulders a whopping 36% of total income tax paid.
The entire bottom 50% of wage earners contributes only about 4% to the Federal income tax stream. The top 50% pays 96%. Keep these facts in mind the next time you hear a Democratic candidate whining about the drain that income tax has on Joe Average.
Thanks to Dr. John Ray of Australia for pointing out the facts to America.
If you believe what some members of a certain political party say, you might think that the poor average Joe Worker bears the brunt of the Federal income tax burden. If you did believe this hogwash, you'd be terribly wrong. This recent release of tax data sets the record straight. The income level with which I'm familiar, the top 25% and above, pays over 83% of all Federal income taxes collected. And not to sound like a millionaire, the top 25% starts at only about $53,000 a year in earned income. The top 1% level of income tax payers shoulders a whopping 36% of total income tax paid.
The entire bottom 50% of wage earners contributes only about 4% to the Federal income tax stream. The top 50% pays 96%. Keep these facts in mind the next time you hear a Democratic candidate whining about the drain that income tax has on Joe Average.
Thanks to Dr. John Ray of Australia for pointing out the facts to America.
