Monday, August 22, 2011

Hey Liberals, There Aren't Enough RICH People Left To Tax!

 The Loons on the Left Just Don't Get It.


Millionaires Go Missing

In 2007, 390,000 tax filers reported adjusted gross income of $1 million or more and paid $309 billion in taxes.  In 2009, there were only 237,000 such filers, a decline of 39 percent.  Almost four of 10 millionaires vanished in two years, and the total taxes they paid in 2009 declined to $178 billion, a drop of 42 percent, says the Wall Street Journal.
  • Those with $10 million or more in reported income fell to 8,274 from 18,394 in 2007, a 55 percent drop. As a result, their tax payments tanked by 51 percent.
  • These disappearing millionaires go a long way toward explaining why federal tax revenues have sunk to 15 percent of gross domestic product (GDP) in recent years.
  • The loss of millionaires accounts for at least $130 billion of the higher federal budget deficit in 2009.
But the millionaires who are left still pay a mountain of tax.
  • Those who make $1 million accounted for about 0.2 percent of all tax returns but paid 20.4 percent of income taxes in 2009.
  • Those with adjusted gross income above $200,000 a year were just under 3 percent of tax filers but paid 50.1 percent of the $866 billion in total personal income taxes.
  • Before the recession, the $200,000 income group paid 54.5 percent of the income tax.
  • This means the top 3 percent paid more than the bottom 97 percent, yet the 3 percent are the people that President Obama claims don't pay their fair share.
Source: "Millionaires Go Missing," Wall Street Journal, August 17, 2011.

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Lavender Darwin said...

Spend any time understanding how tax law works, and how much the IRS takes, and it makes you want to weep.

Pumice said...

Remember when our less than mediocre president was a wannabe and made the comment that he knew raising the capital gains tax would bring in less money but it was the fair thing to do. Consider this an expression of fairness.

Grace and peace.