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Reply to "Down and Out on $250K/year...."
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[quote=Anonymous]Yes, actually I think the IRS should take account of cost of living. But check this out: "In 2008, the top 1 percent of tax returns paid 38.0 percent of all federal individual income taxes and earned 20.0 percent of adjusted gross income." So the top 1% are already paying way more than their share of taxes, even considering their disproportionate share of the income. But those are the rich slobs who earn over $390K AGI, who clearly deserve to pay more. Lets get down closer to the $250K wage slaves we have been discussing: The top 5% (AGI over $159K) "earned 34.7 percent of the nation's adjusted gross income, but paid approximately 58.7 percent of federal individual income taxes." Again, the upper income brackets are overpaying their share by a significant margin. The other 95% of people in this country are shouldering only slightly more than 41% of the tax burden. Quotes are from this report: http://www.taxfoundation.org/news/show/250.html[/quote]
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