The top 1%

by Hellsangel Tue Nov 20, 2012 4:27 pm

There were 1.35 million households that qualified for entry. They earned nearly 19% of the nation's income and paid roughly 37% of its income tax.

http://money.cnn.com/2012/11/20/news/economy/top-1-percent/index.html?source=cnn_bin

by Marathadi-Saamiyaar Tue Nov 20, 2012 4:58 pm

Hellsangel wrote:
There were 1.35 million households that qualified for entry. They earned nearly 19% of the nation's income and paid roughly 37% of its income tax.

http://money.cnn.com/2012/11/20/news/economy/top-1-percent/index.html?source=cnn_bin

Here is a magical formula:

those who make 70% of the nation's income will pay 70% of its taxes; The rest will pay the other 30% of the taxes - with the lowest 20% of income earners exempt from Taxes.

And, someone said economics and finance matters are difficult... Razz

by Idéfix Tue Nov 20, 2012 5:34 pm

Hellsangel wrote:
There were 1.35 million households that qualified for entry. They earned nearly 19% of the nation's income and paid roughly 37% of its income tax.

http://money.cnn.com/2012/11/20/news/economy/top-1-percent/index.html?source=cnn_bin

That is the idea of progressive taxation -- those who make more ought to pay a higher percentage of their income in taxes.

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