Make $32K? You're in the richer 50%

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Make $32K? You're in the richer 50%

Other new IRS data: While the top 1% of US earners, collectively, make nearly twice that of the bottom 50%, those at the top also pay 13 times more in individual income taxes combined.

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<cite> By Kiplinger's Personal Finance Magazine</cite>With the presidential election right around the corner, what better time to take a fresh look at how the nation's tax bill is distributed among its citizens?
After all, no matter what the conditions -- war or peace, prosperity or recession -- no issue seems to get under voters' skins more or command more attention from politicians than whether taxes will rise or fall and, frankly, whose ox will be gored.
New statistics from the Internal Revenue Service show that the highest-earning 1% of taxpayers in America make 22.06% of all income reported to the government. That's almost twice the 12.51% of total income earned collectively by the lowest-earning 50% of workers. Yes, 1.4 million taxpayers claim 22% of income earned while 68 million share just 12.5%.
But get this: When it comes to taxes paid, an even wider discrepancy shows itself, in reverse. Those earners in the top 1% pay 39.89% of all federal individual income taxes. The bottom 50% of earners pay just 2.99% of those taxes.
These income and tax-burden breakdowns come from information reported on 2006 individual income-tax returns, the latest of which have been analyzed by the government. Income categories are based on adjusted gross income (AGI), which is basically salary plus investment, rental and business income minus investment losses and expenses such as alimony paid, contributions to retirement plans, moving expenses and a few other costs.
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This is the first time that the bottom half of taxpayers have paid less than 3% of the total income-tax bill.
(Note that these figures include only federal income taxes. According to one study, 56% of all wage earners pay more in Social Security and Medicare taxes than they do in income tax, and the percentage soars to 86% if you count both the employer and employee shares of those taxes.)
In 1986, the top 1% of earners reported 11% of all income and paid 26% of the income taxes; the lower-earning 50% made 17% of the income and paid 6% of the nation's individual income-tax bill.
How does your income stack up?

The data also make it easy for you to know how your income stacks up against that of your fellow citizens. The numbers show that an income of $31,988 or more puts you in the top half of taxpayers. Earning a bit more than twice that much -- $64,703 -- places you among the top 25% of all wage earners. You crack the elite top 10% if you earn $108,905 or more. And $388,807 buys top bragging rights: Earn that much or more, and you're among the top 1% of all American earners.
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Picking a tax pro
If you'll be getting help with your taxes next time, here's how to make sure your choice for a paid tax professional adds up.

A Kiplinger calculator quickly shows you -- based on your AGI -- which income category you fall into and what percentage of the nation's tax burden is borne collectively by you and your fellow citizens in that category.
The following table shows the percentage of income earned and tax burden paid by people in each income category:
<table><caption>Measuring the tax burden</caption><tbody><tr><th>Income category</th><th>2006 AGI</th><th>% of all income</th><th>% of income taxes paid</th></tr><tr><td>Top 1%
</td><td>$388,807 or more
</td><td>22%
</td><td>40%
</td></tr><tr><td>Top 5%
</td><td>$153,543 or more
</td><td>37%
</td><td>60%
</td></tr><tr><td>Top 10%
</td><td>$108,905 or more
</td><td>47%
</td><td>71%
</td></tr><tr><td>Top 25%
</td><td>$64,703 or more
</td><td>68%
</td><td>86%
</td></tr><tr><td>Top 50%
</td><td>$31,988 or more
</td><td>88%
</td><td>97%
</td></tr><tr><td>Bottom 50%
</td><td>$31,987 or less
</td><td>13%
</td><td>3%
</td></tr><tr><td>Source: IRS
</td><td>
</td><td>
</td><td>
</td></tr></tbody></table>This story was reported and written by Kevin McCorm
 

Does Mickey Mantle Pay Your Rent
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Can you not readd?? It is beetween 64,702 -31,989 And i promise the percentages are more around the 50 k mark which is not bad for one person. Even if married two people making 100k is not bad. You can still live comfertably in a nice area.
 

New member
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thats the top 25 percent, 64703 and up.

if you make 32k, your in the top 50.
 

Does Mickey Mantle Pay Your Rent
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no buddy
Top 50%
$31,988 or more

more means it is under the 65k mark and more than the 32 k mark.
 

bushman
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<TABLE><TBODY><TR><TD>Top 50%
</TD><TD>$31,988 or more
</TD><TD>
</TD><TD>
</TD></TR><TR><TD>Bottom 50%
</TD><TD>$31,987 or less
</TD></TR></TBODY></TABLE>
 

Does Mickey Mantle Pay Your Rent
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<TABLE><TBODY><TR><TD>Top 50%

</TD><TD>$31,988 or more

</TD><TD>

</TD><TD>

</TD></TR><TR><TD>Bottom 50%

</TD><TD>$31,987 or less

</TD></TR></TBODY></TABLE>
Lol thanks eek. Gtc didn't understand this. GTC i dont mean to always come into your threads and hate on you. :toast:
 

RX Jesus
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i love people that argue but are saying the exact same thing...

median income in this country is $31,987.50... kapeesh?
 

New member
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i pulled a tocco on this one. not reading the article and just posting it. go ahead, take your shots. my bad on this one.
 

RX Jesus
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you haven't gone full tocco or doc mercer yet until you have every thread on the first page authored...

so i wouldnt worry about it
 

Does Mickey Mantle Pay Your Rent
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i love people that argue but are saying the exact same thing...

median income in this country is $31,987.50... kapeesh?
Are you an idiot? Stop the bashing when your the wrong one. It is between 32 and 63k that is the median. The regular middle class american does not make 32k:ohno:
 

powdered milkman
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Are you an idiot? Stop the bashing when your the wrong one. It is between 32 and 63k that is the median. The regular middle class american does not make 32k:ohno:
don the point was at 32k you are in the top 50%..not looking for a fight just pointing out what gtc said
 

Does Mickey Mantle Pay Your Rent
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don the point was at 32k you are in the top 50%..not looking for a fight just pointing out what gtc said
I know im not either that why i stated sorry to gtc for always bashing in his thread. No need to fight over this issue , none of us are rich.:lol:
 

Scottcarter was caught making out with Caitlin Jen
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Why are you busting Don's balls Steak?

Not nice, not nice.
 

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