The Homa Files

From the Tax Foundation:

“Throughout this year, rhetoric regarding cutting taxes for the “middle class” and raising taxes on “the wealthy” reached an unprecedented level as the economy took a turn for the worse, and the candidates focused more intently on the economic debate.

But, what remains unanswered is who are “the wealthy” and who comprises “the middle class”?

Currently, the top 5% of taxpayers already pay 60% of the income taxes in this country.  And the top 10% pays 70% of taxes. 

But, who makes up the top 5% and top 10%?

• They are largely dual-income married couples;

• They live in high-cost metropolitan areas and have average living standards;

• They are older workers, at or nearing their peak earning years;

• They are college educated; and

• They have business income.

They are the picture of most any suburban family.”

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Full report:
http://www.taxfoundation.org/files/dba37618d9c2d2df02f24766ac4cc39d.pdf

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Ken’s Take: I bet most folks picture Dick Fuld, Warren Buffett, or some sleazy-looking hedge funder …

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This entry was posted on November 12, 2008 at 8:00 am and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.