Quote:
Originally Posted by Mr. Sandman
No one will invest in america (small "a") anymore or want to risk their savings to start a small business with 50%+ total tax burden.:
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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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