blogger visitor

Thursday, October 06, 2005

U.S. Income Taxes Remain Highly Progressive

The IRS has released its latest tax statistics, disclosing date for tax year 2003. Some of the key numbers regarding progressivity:

a. The top 1 percent of U.S. taxpayers, who earn a minimum annual income of at least $300,000, paid more than a third of personal income taxes in 2003.

b. The top half of all U.S. taxpayers accounted for all but 4 percent of the 2003 individual income tax receipts.

c. The top 10 percent of taxpayers, with an income of at least $95,000, were responsible for two-thirds of personal income taxes paid for the year.

The next time you hear that a proposed tax cut will only cut the taxes of the richer half, well that's because they are the only ones paying taxes to begin with!
Post a Comment