Friday, August 27, 2010

The Daily Note - Speaking of Taxes Part II

A revisit of a series that may be very timely for today, as Congress will reconvene considering taxation for the coming year of 2011. This 4 part series I wrote beginning of 2009 and I did not know then how bad it will get but, unfortunately, some lessons need to be learned again and again.

Speaking of Taxes, Part II: It's Your Taxes

Did you know that in 2006 the IRS collected a RECORD (2nd year in a row) total tax revenue (individual and corporate) of $2,518,680,230,000? Did you really believe that we were in a recession when unemployement was at 4.4%? Can't collect record taxes unless there are record earnings.

Broken down that means that: Corporate revenues were $1,282,420,859,000 and Individual revenues were $1,236,259,371,000. Did you really believe that corporations don't pay any taxes?

Did you know that in 2006, 50% of all individual taxpayers paid 2.99% of total income tax revenue collected by IRS?

Which means, that 97.01% was paid by the other 50% or those earning AGI $31,987 or more;

And the top 10% earners, with minimum of AGI $108,904 earnings, paid 70.79% of the total collected individual income tax revenue.

Which means that those who paid 2.99% are totally beholden to those who paid the rest. So when those in the lower 50% who ask for more services, namely entitlements, handouts & credits, from the "the government" are really asking the other 50% to pay more taxes.

Which also means that your Representatives in Congress and your President who give and promise the entitlements, credits and services are demanding that the top 50% pay more.

Any questions?
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Thanks for Reading


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