1.The top 1% of households earned 15% of income but paid 35% of federal income taxes.2.The top 20% of households earned 52% of income but paid 69% in federal income taxes.3.The bottom 20% of households income tax rates dropped from 9% to 1.9% since 1984.4. 40% of households get more than half their income from federal transfer programs.5. When government transfers are included, 60% of Americans had net negative tax rates — meaning they received more than they paid in.In other words, when federal income taxes are reduced by the amounts those households received from the federal government, only the top 20% contributed any meaningful amount. Bottom line: the top fifth of households basically paid for everyone else, in addition to everything else. Thank you top 20%
Posted on: Wed, 19 Nov 2014 01:45:41 +0000
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