Middle-class households that earned between $34,300 and $141,900 paid 50.5 percent of all federal tax revenues in 2007 (the most recent year analyzed), according to the CBO study released Thursday, and households that earned between $34,300 and $352,900 paid 66.7 percent of all federal taxes.
Households in the top 1 percent for annual income (those earning more than $352,900) paid a hefty 28.1 percent of all federal taxes, but households in the lower income brackets paid relatively little. Those earning less than $34,300 paid only 5.2 percent of all federal taxes, and those earning less than $20,500 carried almost none of the federal tax burden (just 0.8 percent of the total) in 2007.
The average overall federal tax rate (including income, Social Security, Medicare, excise and other taxes) for all American households was 20.4 percent in 2007. But the average rate rose dramatically as household income rose. Households earning less than $34,300 paid an average overall federal tax rate of 10.6 percent, while households earning more than $74,700 paid an average overall federal tax rate of almost two and half times that much--25.1 percent.
2 comments:
looks to me like we need to get rid of that negative tax rate. ewth is that anyway? just a way to redistribute wealth and lead to socialism
8:52, your catch phrases sound as if you want to pen another thing on Obama when the EIC has been around for quite some time.
Get rid of the negative rates and use that money to pay for the entitlement programs that the poor use. Stop raising benefits for poor families that create more dependents. And drop all benefits for someone out of work for more than 2 years who is not going to school/training.
Post a Comment