Tonights Debate 15 Oct 2008

[TheMercenary]

Originally Posted by glatt

So Obama's plan will cost nothing, by your logic.

It won't cost a non-paying income tax earner a dime. But those who already pay the majority of the tax will get an increase. So please tell me again, how those income earners who pay nothing already will get a tax break under Obama's plan?

New data released by the IRS today offers interesting insights into the distributional spread of the federal income tax burden, new analysis by the Tax Foundation shows. The new data shows that the top-earning 25% of taxpayers (AGI over $62,068) earned 67.5% of the nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86%). The top 1% of taxpayers (AGI over $364,657) earned approximately 21.2% of the nation's income (as defined by AGI), yet paid 39.4% of all federal income taxes. That means the top 1% of tax returns paid about the same amount of federal individual income taxes as the bottom 95% of tax returns.

http://taxprof.typepad.com/taxprof_b...pay-more-.html




http://www.taxfoundation.org/research/show/1410.html