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A few facts as we "celebrate" Tax Day

April 18 2011 at 4:11 PM

For the bottom two quintiles, as ranked by household income, income tax is not something that you pay but which you are paid; its a source of income. Meanwhile, people in the top two quintiles pay 99% of the nations total income taxes. Of that 99%, 86% is paid by the top quintile alone, and 40% is paid by the top 1% alone (more than double the top 1 percents 19 percent share of income earned). To put it otherwise, the top two quintiles make 3 times as much money as the bottom three quintiles, yet they pay 75 times as much money in income taxes (98.7% to 1.3% of the overall tab).

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And the scary truth is

April 18 2011, 5:07 PM 

That many Americans see nothing wrong with that!

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