Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

some calculations of $700 billion from IRS stats from 2005

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-08 04:27 AM
Original message
some calculations of $700 billion from IRS stats from 2005
134,372,678 tax filers, total AGI 7,422 billion,
income taxes paid - 934.8 billion

57,898,144 (43%) with income under $25,000, total AGI 594.17 billion (8%)
income taxes paid - 15.93 billion (1.7%) call them the working poor

62,098,044 (46%) with income between $25,000 and $100,000, total AGI 3,228 billion (43.5%) call them the middle class
income taxes paid - 249.68 billion (26.7%)

10,810,367 (8%) with income between $100,000 and $200,000; total AGI 1,431 billion (19.3%) call them the upper middle class (although they are in the top 10%, so I hate to attach the word "middle" to them)
income taxes paid - 189.47 billion (20.27%)

3,566,125 (2.65%) with income over $200,000; total AGI 2,170 billion (29.2%)
income taxes paid - 479.76 billion (51.3%)

Conclusion - $700 billion is about 10% of the total AGI of $7,422 billion. If it was paid by a 10% across the board surtax, then
the working poor would pay $59.4 billion
the middle class would pay $322.8 billion
the upper middle class would pay $143.1 billion
the rich would pay $217 billion

If, however, it was paid by the same percentages as the income tax, then
the working poor would pay $11.9 billion
the middle class would pay $186.9 billion
the upper middle class would pay $141.89 billion
the rich would pay $359.1 billion
Printer Friendly | Permalink |  | Top
hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-01-08 01:14 PM
Response to Original message
1. kick - the purpose is kinda to show who pays and who benefits
46% of the population gets 43% of the income and pays only 27% of the taxes. While that is weighted to the upper middle, the middle class does pretty well in our country. How many DUers are actually in the lower group (income below $25,000)?
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu May 02nd 2024, 12:53 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC