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View Diary: The 2008 delusion we should not repeat in 2012 (155 comments)

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  •  Effective Total Taxes for Top 20% is 30% (1+ / 0-)
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    The real bottom line on taxes is the total effective taxes which includes federal, state, local, sales, property, etc.  Citizen for Tax Justice published a white paper on the break down by income quintile.  The paper reports the following effective tax rates:

    Top 1%  had a 30.0% effective rate
    Next 4% had a 31.3% effective rate
    Next 5% had a 31.1% effective rate
    Next 10% had a 30.0% effective rate
    Next 20% had a 28.5% effective rate
    Middle 20% had a 25.5% effective rate
    Next 20% had a 20.7% effective rate
    Bottom 20% had a 16.2% effective rate

    As you see the effective tax rate is fairly flat for the top 60% and gradually goes down to 16.2% for the poorest people.  In other words the richest only pay 14% higher tax rate that the poorest in this country.  

    Poor man wants to be rich. Rich man wants to king. And the king ain't satisifed until he rules everything. B.Springsteen

    by howd on Mon Nov 12, 2012 at 04:45:26 PM PST

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