Thursday, September 26, 2013

HEY! LOOK UP NOT DOWN

DO THE NUMBERS
Johann Wagener 9-26-13
1% = 45% of the country's wealth but only 35% in taxes which is almost 50% less than those in the top 20% of taxpayers. That means that those that actually produce less (don't work) make more than those who work for a living. 
Those in the top 20% are wasting their time looking down the scale and whining about someone earning $10,000 a year and paying $200 in federal taxes.  These are the people who could gain the most by simply looking "UP" the income ladder
-- How much households at different income levels will pay in federal income, payroll, corporate and estate taxes for 2013.
Bottom 20 percent
Average income: $10,552.
Average tax bill: -$284.
Average tax rate: -2.7 percent.
Share of federal tax burden: -0.4 percent.
___
Middle 20 percent
Average income: $46,562.
Average tax bill: $6,436.
Average tax rate: 13.8 percent.
Share of federal tax burden: 8.6 percent.
___
Top 20 percent
Average income: $204,490.
Average tax bill: $55,533.
Average tax rate: 27.2 percent.
Share of federal tax burden: 71.8 percent.
___
Top 1 percent
Average income: $1.4 million.
Average tax bill: $514,144.
Average tax rate: 35.5 percent.
Share of federal tax burden: 30.2 percent.