Thread: How Much More Can We Redistribute?

How Much More Can We Redistribute: IRS Releases New Data » The Foundry

The IRS released data today on the distribution of income taxes. It shows that the highest-earning taxpayers shoulder a considerable burden of the federal income tax.

According to the IRS, the top 1 percent of taxpayers paid over 40 percent of all federal income taxes in 2007. That is a higher share than the bottom 95 percent of taxpayers combined! They paid just over 39 percent.

The top 1 percent, those earning over $410,000, consists of 1.4 million taxpayers, while the bottom 95 percent contains 134 million.

In 2000, before the 2001 and 2003 tax cuts that some claim disproportionately benefited the rich, the top 1 percent paid less than 38 percent of income taxes while the bottom 95 paid almost 44 percent. Since the tax cuts, the top 1 percent’s share increased over 2 percentage points while the bottom 95 percent’s share decreased 5 percentage points. Those that argue the tax cuts solely benefited the rich are mistaken.

why dont we just stop dancing and sieze everyones assets.
From each according to his abilities to each according to his needs.

Hide it under your mattress. At the very least it will make your obituary interesting reading.
Magoo

Careful with that mattress idea:

Woman throws out mom’s old mattress stuffed with $1 million | Say What?

An Israeli woman who threw out her mother’s old mattress later discovered it was stuffed with $1 million.
Could it be? Money disguised as an old mattress?

Could it be? Money disguised as an old mattress?

The mistake set off a frantic search through tons of garbage at a number of landfill sites, the Associated Press reported.