Rich People Don't Pay Taxes?

I debunk another myth. I actually talked about some this before and it made a lot of comment conversation. I brought some more numbers into this video that I didn't have before. This is an article that clearly shows the relationship between tax rates and actual taxes paid. http://www.nationalreview.com/nrof_bartlett/bartlett200512070900.asp Percent of Federal budget IRS figures for 2003 Top 1% paid 34.3% Top 5% paid 54.4% Top 10% paid 65.8% Top 25% paid 83.9% of the entire budget!!! In 1980 when tax rates were 70% Top 1% paid 19.3% http://www.businessweek.com/the_thread/economicsunbound/archives/2007/04/_surprising_ans.html Blog by PHD Economist Michael Mandel with clarifications in the comment section. Effective Federal Tax Rate, 2004 Includes income taxes, social insurance taxes excise taxes, and corporate income taxes Data: Congressional Budget Office Top 1% 31.1 Top 5% 28.5 Top 10% 26.9 Middle Quintile 13.9 Lowest Quintile 4.5 Warren Buffett's Letters to shareholders http://www.berkshirehathaway.com/letters/letters.html Great Myths of the Great Depression. http://www.mackinac.org/article.aspx?ID=4013

» View the original video «

YouTube | May 22, 2007

Tags:. .org. .rates. .office. .lot. .michael