So-called tax cut for the rich
caution - exploding myth ahead
http://www.econopundit.com/archive/2004_04_01_econopundit_archive.html#108129853660419033
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JoeUser Forums
JoeUser Forums
So I look at this table, and I really want to know - where's the tax breaks for the rich? (Note - this is TOTAL federal tax burden, not just income tax).
Looks to me like the rich pay most of the taxes (top 20% pay 65% of the taxes, and the top 40% pay over 80% (!) of total federal taxes. Even if you define the middle class as the three middle quintiles (which I doubt it actually is, most places), those quintiles on tot up to 33%. If the poor are the two lowest quintiles (lowest 40% of the population), the poor only pay 6% of total federal taxes.
Looks to me like the rich pay most of the taxes (top 20% pay 65% of the taxes, and the top 40% pay over 80% (!) of total federal taxes. Even if you define the middle class as the three middle quintiles (which I doubt it actually is, most places), those quintiles on tot up to 33%. If the poor are the two lowest quintiles (lowest 40% of the population), the poor only pay 6% of total federal taxes.