Wednesday, April 15, 2009

The Ultimate Ponzi Scheme: Federal Income Taxes

In honor of Tax Day, April 15, 2009, I thought this informative article on federal income taxes by the Wall Street Journal would be an eye opener.

Some key points on who really pays taxes in the U.S.:
  • A very small number of taxpayers -- the 10% of the country that makes more than $92,400 a year -- pay 72.4% of the nation's income taxes.

  • Contrary to the myth that Mr. Bush cut taxes only for the wealthy, the 2001 tax cut reduced taxes for every income-tax payer in the country.

  • As a result of the 2001 tax cuts enacted by a bipartisan Congress and signed by President George W. Bush, the share of taxes paid by the top 10% increased to 72.8% in 2005 from 67.8% in 2001, according to the latest data from the Congressional Budget Office (CBO).

  • According to the CBO, those who made less than $44,300 in 2001 -- 60% of the country -- paid a paltry 3.3% of all income taxes. By 2005, almost all of them were excused from paying any income tax. They paid less than 1% of the income tax burden.
If you are fed up with those who aren't paying their fair share, don't forget to attend your local Tax Day Tea Party today!

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