Rich Still Paying Most of the Federal Income Tax
In their constant drone about "taxing the rich," the Left seems never to look at the actual facts. Yesterday, Jeff Dircksen of the National Taxpayers Union blogged the latest data (i.e., for tax year 2003) from the IRS of who actually pays the federal income tax. Seems the richest 5% of Americans, those with adjusted gross income (AGI) above $130,080 already pay 54% of federal income taxes while those with AGI's above $95,000 pay 66% of those taxes. Those in the bottom 50%, i.e., with AGI's of less than $29,019, paid just 3.46% of federal income taxes. Take your choice: facts or rhetoric. The wise choice is to choose the facts. Hat tip, once again, to the bloggers at the Club for Growth.