Quote:
Originally Posted by wader-dad
Lets examine the top 1% taxpayers again to see if they have any incentive to keep making money and if they are losing 50%. Attached is the full summary of all tax returns filed in calender year 2006 published by the IRS - the last data available.
There are 1,357,192 taxpayers in the top 1% of richest taxpayers. They had adjusted gross income of 1.791 Trillion dollars of income. Yes trillion. The average income reported on each of the top 1% returns was $1,320,289. for the year.
The average tax rate ( tax paid as a percent of income) on those 1% returns was 22.79% So the guys make an average of $1,320,289 and paid 22.79% in taxes. See the chart -those are the facts. Yes they pay 40% of total taxes paid but each loses around a quarter of their money to the feds.
So I can't really feel that the 1% people are being destroyed by taxes, that they have no incentive to make any money and if they have to pay 25.98% of their $1,320,289 under Obama's plan that the USA will come to an end.
So lets not panic here.
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Wow, that would have to be one heck of a "small business" to be in the top 1%. Do you think landscapers, liquor store owners, contractors, etc...fall into that 1% catergory? The taxes for real small businesses are still an impediment to many small business owners. Also, you are leaving out things like unemployment taxes, real estate taxes, and payroll taxes. Maybe it's not too bad in CT, but in RI it's almost impossible to own and operate a small business profitably.