Posts Tagged ‘occupy wall street’

I’m surprised no one has been making as much noise with the numbers while the whole occupy thing has been going on. I was busy with doing things on the new job or I would have got to this sooner, but I think it’s about time to take a look at just what that infernal 1% is doing. The OWS folks like to tell us that the rich need to pay more, that they don’t pay their fair share, etc. So what are they actually paying?

Let’s start by looking at the 99% shall we? Wikipedia reports that the median household income in the US in 2009 as we were barely eeking out of the latest recession was right around $50,000/yr. In that same year, those making that much or below were only paying a sum total of about 10% [1] of the total tax burden in this country. This is despite them making up about 59.5% of the total workforce [2].  Those making less than $32,000/yr account for more than 50% of the total population and are only responsible for less 2.25% of all taxes paid.

So who’s carrying the burden? Let’s climb the scales a little higher shall we? The top 10% of wage earners were responsible for paying over 70% of all income taxes paid in the year 2009. (Keep in mind, these numbers are ‘income tax paid’. These numbers do not reflect taxes upon corporate earnings prior to them being paid out as salaries or distributed as dividends to shareholders) This is just ‘income’. But lets go a little higher.

The top 5% carried the weight of  almost 60% (58.66) of all income taxes paid! So 95% of the US working population only paid 41.44% of total taxes paid. And what about that nasty, dirty, rotten, good-for-nothing 1%?

The top 1% of wage earners carried 36.73% of the total national income tax burden in 2009. Those evil rotten bastards!!! I just have to ask the question, if they aren’t paying enough (especially considering this doesn’t account for double-taxation on corporate earnings), how much is too much?

[1] “Who Pays the Income Tax?” – National Tax Payers Union
[2] “Money Income of People” – US Census Bureau

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