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View Diary: Yes Mr. Romney, That is a Tax Cut for the 5% (52 comments)

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  •  I found some spreadsheets (3+ / 0-)
    Recommended by:
    Scientician, orangeuglad, Matt Z

    which have this information. (emanuel saez) http://emlab.berkeley.edu/...

    It looks like the households with the top 5% of income receive about 37% of all US income. If you expand to the top 10% (incomes over 150k) it becomes close to 50% off all income.

    I'm also curious as to whether Romney's "60% of taxes" numbers include payroll taxes. A chart here http://www.motherjones.com/... indicates that payroll taxes represent about 42% of all federal tax revenue.  Individual income taxes are about the same percentage, Corporate taxes have fallen to about 8%,

    "We have always known that heedless self-interest was bad morals; we know now that it is bad economics" - F.D.R.

    by biscobosco on Thu Oct 18, 2012 at 12:31:56 PM PDT

    [ Parent ]

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