Friday, February 19, 2010
How Much Do The Rich Pay In Taxes?
The republicans are always talking about tax cuts. They say, erroneously, that tax cuts will stimulate the economy. They pushed through two tax cuts during the Bush years with reconciliation. Tax cuts that primarily benefited the rich.
So, how much do the rich really pay?
How about 17%?
Do you pay 17%? I bet not, unless your income is low.
According to the IRS' 2006 figures and the IRS' ranking of the top 400 earners in the US, they only paid an average of 17% of federal income tax. These are people who earned over 1 billion dollars in 2006. MORE THAN 1 BILLION DOLLARS. And they only paid 17% taxes.
That needs to be changed!