Thursday, October 20, 2005

Taxes for 2003

According to the IRS, here's how taxes were paid in 2003:
What Tax Returns Adjusted Gross Income Taxes Paid
How Number % of Total Million $ %of Total Million $ %of Total
1
64,304,893 50.00% 879,735 13.99% 25,912 3.46%
2
96,457,340 75.00% 2,209,359 35.14% 120,564 16.12%
3
115,748,807 90.00% 3,624,117 57.64% 255,486 34.16%
4
122,179,297 95.00% 4,326,911 68.82% 341,341 45.64%
5
127,323,688 99.00% 5,233,019 83.23% 491,597 65.73%
Total 128,609,786 100.00% 6,287,586 100.00% 747,932 100.00%
Notice that the top 1% paid 256,335 million dollars taxes on 1,054,567 million dollars of income, or 24% of their income, about three times as much as any other bracket. Also note that the part of the total tax paid by the rich was 34.27%. The top 5% paid 54.36% of the total tax bill. So 95% of all tax payers combined paid less in taxes than the top 5%. Who says the rich get all the tax breaks?

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