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Old 11-14-2006, 11:38 AM   #55
Spexxvet
Makes some feel uncomfortable
 
Join Date: Dec 2005
Posts: 10,346
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Quote:
What percentage of taxes are paid by the wealthiest 5% of Americans?

The wealthiest 5 percent have 59% of the wealth and pay 38.4 percent of federal taxes. The wealthiest 1 percent have over 38 percent of the wealth and pay 24.8 percent of federal taxes. These households have an average wealth of $10.2 million and pay only 3.5 percent of their wealth in taxes. By way of comparison, the bottom 40 percent of taxpayers have an average net wealth of $1,100 and pay 163 percent of their net wealth in taxes.

If all taxpayers paid the same 10.5 percent of their wealth in taxes as median income families pay, the taxes of the lowest 40 percent would be cut by 94 percent while the taxes of the wealthiest would triple.

Source: Congressional Budget Office and United for a Fair Economy
My emphasis.
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