Obama predicts years of deficits over $1 trillion. Slowing tax revenues usually have to do with overtaxation of your highest earners. More on this later.
Stephan Segraves
badice.com – musings for the masses
badice.com – musings for the masses
Obama predicts years of deficits over $1 trillion. Slowing tax revenues usually have to do with overtaxation of your highest earners. More on this later.
Just as an FYI – The CBO just released a new report on effective tax rates (total taxes divided by total income). Here are the total effective federal tax rates for 2005, the most recent year available:
Lowest quintile: 4.3 percent
Second quintile: 9.9 percent
Middle quintile: 14.2 percent
Fourth quintile: 17.4 percent
Percentiles 81-90: 20.3 percent
Percentiles 91-95: 22.4 percent
Percentiles 96-99: 25.7 percent
Percentiles 99.0-99.5: 29.7 percent
Percentiles 99.5-99.9: 31.2 percent
Percentiles 99.9-99.99: 32.1 percent
Top 0.01 Percentile: 31.5 percent
The figures include all federal taxes, not just income taxes.