Woody's Things

Ramblings and Opinons of an old man!

Simple site to log thoughts on current events and activity. Please feel free to give your comments.

How Much More can They Handle

These are scary numbers - How much more than the "rich" afford, and what will this do to "incentive and drive to better oneself"? How long till the "number" defining "the rich" comes down?

How Much More Can We Redistribute: IRS Releases New Data » The Foundry
According to the IRS, the top 1 percent of taxpayers paid over 40 percent of all federal income taxes in 2007. That is a higher share than the bottom 95 percent of taxpayers combined! They paid just over 39 percent.
In contrast, the bottom 40% of taxpayers pays no income taxes on average. In fact, they get money from the tax code well above anything they paid in because of refundable credits. And President Obama’s Make Work Pay credit, passed as part of the stimulus, will increase the money redistributed to these non-taxpayers.

...and for those that believe my first link is a "right wing ....", here is the IRS site, do the numbers yourself! If your taxpayer paid public education feel a little short - As a liberal elite, you know some unfortunate sole who was mistreated like Barack and Michelle, but still received an education worth a quarter of a million dollars are more.

SOI Tax Stats - Individual Statistical Tables by Tax Rate and Income Percentile
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