Got to love "facts" like these:HUTSCBR said:
These "facts" tell you absolutely nothing (while sounding quite dramatic) without expressing the income of these people in the same units, namely percentage of their income compared to the total reported income.The top 7 percent of those filing returns, those reporting adjusted gross income of $75,000 or more, paid 51 percent of total U.S. income taxes.
The top 3 percent of filers, those making $100,000-plus, paid 40 percent of the taxes.
The top four-fifths of 1 percent of filers, who make $200,000 or more, paid 26 percent of the taxes.
The top one-twentieth of 1 percent of filers, those making $1 million or more--and Tom Wolfe's little demonstration in Bonfire of the Vanities notwithstanding, nobody's going to tell me those guys aren't rich--paid 10 percent of the taxes. That's a mere 67,000 households, who on average paid income tax of $707,000 apiece.
They are deliberately skewed statistics that misrepresent the burden of taxes on the wealthy.Geowitz said:And they aren't "facts". They are facts.
Care to explain that comment?Edit - With regard to your graphs. This would make your gross and taxable income the same.
It is skewed when these numbers are used to conclude that 7% of the taxable population paying 51% of all the money is unfair to the 7% without taking into account what percentage of the total income they make. Didn't I say that once already?Geowitz said:How are those skewed? They are the statistics. They are exactly what the IRS puts out. All it says is that 51% of money gathered by the IRS in income tax comes from 7% of those liable for income tax. Plain and simple to me.
A home is an asset. Why wouldn't it be? Generally, a home goes up in value, in contrast to a vehicle that usually depreciates. Even though you are paying a mortgage, you shouldn't be in a negative equity situation.Geowitz said:Yeah, you mentioned that - I don't agree with your reasoning, sorry. I think of it in a different context though. It may not tell the whole story, but it isn't skewed. Are we just playing semanics? Either way we both understand what it means.
I as a homeowner know that it is not really an asset of mine. It's a liability(as long as you're paying a mortgage). It costs me money. A lot of people have been tricked into thinking their home is an asset. It's not. Giving tax incentives for paying interest and being in debt is why the majority of people in America will stay stuck in the rat race. Don't get me wrong, everyone needs a house to live in and it's worth it, but the home interest deduction should never be anyones incentive(or even secondary incentive, or even a justification) to buy a home.