You may be closer to the top 1% club than you think … or, at least the top quartile.

The IRS recently released 2009 tax data.

Here are some highlights:

  • It takes $343,927 in household income to make it into the top 1%; $112,124 to make the top 10%; and $66,193 to make the top quartile … sounds to me like a reasonable reach.
  • Excluding Warren Buffett, the top 1% pays a 24% effective rate … higher than Buffett’s secretary … whew!
  • The top 10% pays 70% of Federal income taxes; the bottom half pays essentially nothing … hmmm.

Virtually all of the people in the bottom half think that people at the top should pay more … it’s called “fairness”

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