Monday, October 15, 2007

The Truth About Taxes

The Clinton Indictment - The New York Sun When it comes to statistics there are Lies, Damn Lies and Statistics- Never truer than in the hands of politicos. Hillary Clinton is no different on this score.

Clinton is bent out of shape because the top 1% of earners get 21% of the nations income. She doesn't like that and wants to punish them for their success in some way.

Of course what she oh so conveniently forgets to mention is a little bit about taxes paid.
Mrs. Clinton mentions that the top 1% earned 21%of the income. But her press release leaves out what the IRS table reports — that they paid 39.38% of the federal income taxes. That's right, 1% of the tax filers paid 39.38% of the federal income taxes. That's a greater share than at any time in the past 20 years. That top 1% paid an average federal income tax rate of 23.13%, nearly double the average tax rate on the whole country of 12.45%. The top 5% of tax filers — those with adjusted gross incomes more than $145,283 — paid 59.67% of the federal income taxes, also a 20-year high. It's not the income inequality that rivets our attention, but the tax inequality, with the top earners being soaked for far more than their share of the income earned.
The top 5% of wage earners pay just shy of 60% of all federal taxes.

Want to talk about fair, Ms. Clinton? I didn't think so. [Don't believe the NY Sun? Then try something else.]

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