It's election season, so the various candidates pull out their go-to rhetoric and we hear vague truisms about very complex issues like taxations shouted at us a lot. I found a very interesting breakdown for 2005, the most recent year for which breakdowns are available.
Before you check it out, ask yourself if you can answer some basic questions about the current tax structure in the US:
- What percentage does the average American pay in federal income tax?
- What percentage of Americans filing income tax returns didn't end up paying any?
- Are you rich?
This article hits those points, and plenty of others, and it's interesting stuff. The 2005 answers to the above questions are 13.6%, 32.6%, and you're rich if you made 61,055 or more (if you define rich as the top 25% of Americans).
I don't know about you but my target income is above 61K, so remember next time you vote to soak the rich that it could be you and me.
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