While it is true, as the OWS gang claims, that the “rich” are making more of the income (20%), they are also paying most of the income taxes (38%). Since 1980 the rich’s share of income has doubled, but so have income taxes. Those making at least $114,000 in 2008 (the last complete year from the IRS), earned 45% of the nation’s income, and paid 70% of all taxes. The top 25% of earners, those earning at least $67,200, took in 67% of the income, and paid 86% of the income tax total. The average income tax rate paid by those in the bottom half of the income scale is only 2.6%. Couple those facts with the fact that, in 2010, 47% of households paid no income tax. In fact, some in that group will be getting money from the federal government. Continue reading
