Re: The Haves, Have Nots, & Have Lots - Reformulation of the Middle Cl
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"The analysis by the two professors showed that the top 10 percent of Americans collected 48.5 percent of all reported income in 2005."
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That's not shocking, that's fairly well-known.
What's shocking is that the top 10% pays 68.2% of all Federal Income taxes, or 41% more than their proportional share of income. [BTW, $99k puts you in this group, it's really not *that* high a bar for the educated posters at 2p2/good poker players and gamblers.]
The bottom 50% pays 3.3% only. Obviously, most of the bottom pays nothing and receives tax credits to boot.
Source: IRS, 2004 tax data.
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