-Caveat Lector-
Income, taxes and demagoguery
by Thomas Sowell
William Hugh Tunstall
Mr. Sowell is engaged in a rather clever campaign of
disinformation.
<snip> information about some book
Sorry. The facts do not support Sowell's position.
MJ:
The 'facts' in the book you cited? Dr. Sowell's research
certainly 'jives' with the Internal Revenue Service's
numbers AND the House Ways and Means'.
Perhaps it is you who are attempting to be 'clever'.
Who Pays Federal Individual Income Taxes, 1994
Taxpayers # Returns (K) AGI (M) Tax Paid (M) %AGI %Tax Inc Split
Top 01% 01,150 0,546,720 152,696 13.8 28.7 195,981
05% 05,749 1,102,836 252,385 27.8 47.4 090,913
10% 11,499 1,552,121 314,786 39.2 59.1 068,737
25% 28,747 2,481,040 423,328 62.6 79.5 042,734
50% 57,495 3,371,349 507,120 85.1 95.2 021,817
Less 57,495 0,589,571 025,523 14.9 4.8
in thousands in $ million in dollars
Source: Preliminary IRS Data
Tax Foundation
1250 H Street, N.W.
Suite 750
Washington, D.C. 20005.
Percent of Total % Income Earners % Income Level
Tax Revenues *(next inclusive) Total of Income
28.7 1.0 13.8 >$185 000
59.0 10.0 39.0 >$ 67 000
79.2 25.0 46.0 >$ 42 000
95.2 50.0 85.0
Source: Overview of the Federal Tax System, House Ways & Means
Committee. (1992) *next group includes the prior ie. 10% includes
1% group, 25% includes 10% and 1% groups, etc.
Distribution of the federal income tax burden
The top 1% of income earners pay 26% of the tax
The top 10% pay 58%
The top 20% pay 73%
The bottom 40% pay less than 1%
The bottom 60% pay 10% of the taxes collected.
Source: Overview of the Federal Tax System, House Ways & Means
Committee, 1992.
Regard$,
--MJ
When more of the people's sustenance is exacted through
the form of taxation than is necessary to meet the just
obligations of government and expenses of its economical
administration, such exaction becomes ruthless extortion
and a violation of the fundamental principles of a free
government.
-- Grover Cleveland, Second Annual Message; December, 1886
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