Today's Stat - Teabagging Tax Day
At lunch we walked through Daley Plaza where the Tea Party movement was holding a rally. We wandered through about 11:40 before eating and then again 30 or 40 minutes later. Although not exclusive from my observations the crowd was overwhelmingly white and comfortably over the age of 40.
I think its good to point to this article at Forbes from about a month ago. David Frum, a former economic speech writer for W., sent out interns to ask questions of protesters at the time. They got responses from 57 of the 300 - 500 protesters present.
When asked how much tax money the Federal Gov't collects as a percentage of the GDP the average response was:
42%
According to the Congressional Budget Office. Federal Income Tax amounts to:
6.4%
Federal Income Taxes plus Social Security Payroll taxes amounts to
12.7%
Federal Income Taxes plus SS Payroll taxes plus all other federal taxes and fees:
14.8%
The highest percentage ever recorded, in 1944, during World War II
20.9%
Their guesses are 3 times the current rate for ALL federal taxes and double the highest ever recorded. Next they were asked how Federal income tax a family making $50,000 per year would pay. Their average answer was:
$12,710
According to the IRS tax tables the amount of taxes owed on $50,000 of taxable income for a SINGLE PERSON is:
$8,694
For a couple filing jointly:
$6,669
Of course those numbers are TAXABLE INCOME. A single person with no other deductions other than the personal deduction would have to make $58,350 to pay $8,694, or 14.8% of gross income and the couple would make $65,050 before paying $6,669, or 10.2% of gross income. (Damn! I got find a "wife" to file taxes with.) Of course, having dependents or owning a house would reduce the tax burden even farther.
I think its good to point to this article at Forbes from about a month ago. David Frum, a former economic speech writer for W., sent out interns to ask questions of protesters at the time. They got responses from 57 of the 300 - 500 protesters present.
When asked how much tax money the Federal Gov't collects as a percentage of the GDP the average response was:
According to the Congressional Budget Office. Federal Income Tax amounts to:
Federal Income Taxes plus Social Security Payroll taxes amounts to
Federal Income Taxes plus SS Payroll taxes plus all other federal taxes and fees:
The highest percentage ever recorded, in 1944, during World War II
Their guesses are 3 times the current rate for ALL federal taxes and double the highest ever recorded. Next they were asked how Federal income tax a family making $50,000 per year would pay. Their average answer was:
According to the IRS tax tables the amount of taxes owed on $50,000 of taxable income for a SINGLE PERSON is:
For a couple filing jointly:
Of course those numbers are TAXABLE INCOME. A single person with no other deductions other than the personal deduction would have to make $58,350 to pay $8,694, or 14.8% of gross income and the couple would make $65,050 before paying $6,669, or 10.2% of gross income. (Damn! I got find a "wife" to file taxes with.) Of course, having dependents or owning a house would reduce the tax burden even farther.
posted by Eric at
2:31 PM
2 Comments:
That's interesting. Just goes to show you that those teabaggers have no clue. Absolutely none.
(FYI--Iwanski was there that day, taking photos. You might be interested at checking out his photos--I would just go to Flickr.com and search for "Chicago Man." :) )
Better yet, go to this link to see his "tea party pics":
http://www.flickr.com/photos/usachicago/sets/72157623862420776/
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