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[BLOCKQUOTE][BR][FONT size=1]----------------[BR]On 11/7/2002 5:18:21 PM MrMarky wrote:[BR][BR]Sean--[BR][BR]Your claim that the top income earners pay nearly all the taxes is just plain wrong. I don't have the precise numbers in front of me, but I can assure you that the middle class pays the vast majority of taxes collected by our government.[BR][BR]The top one or two percent do enjoy a near monopoly on special tax breaks, tax credits, tax write-offs and other loopholes which make it possible for some of them to pay no taxes at all![BR][BR]----------------[/FONT][/BLOCKQUOTE]
[P]MrMarky, you are virtually 100% wrong on this.[BR][BR]In 1999, $[FONT face=Verdana size=2]877,292,000,000[/FONT] was paid in income tax. The top 1% of taxpayers paid $[FONT face=Verdana size=2]317,419,000,000 of that tax - or 36.2% of the total. The top 5% of taxpayers paid $486,464,000,000 in taxes - or 55.5% of the total.[/FONT][BR][BR]The top 5%ers made $120,000 or above in AGI.[BR][BR]Dropping down a bit farther to the top 10% level, this group paid an astounding $[FONT face=Verdana size=2]583,002,000,000 in taxes or 66.5% of all taxes paid.[/FONT][/P]
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[P][FONT face=Verdana size=1]----------------[BR]On 11/7/2002 5:18:21 PM MrMarky wrote:[BR][BR]Sean--[/FONT][/P]
[P][FONT face=Verdana size=1]BTW, the income group with by far the highest percentage of IRS audits is of course, those earning under $25,000. Especially if they claim the earned income credit. Yes, the poverty stricken are hiding all of their vast assets and the IRS intends to find them![/FONT][/P]
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[P]An extaggaration here. In FY 1999, the IRS audited 1.15% of returns with $100,000 or more in AGI and 1.36% of returns with $25,000 or less in AGI. According to recent news reports, the IRS is abandoning virtually all audits of small fries in order to concentrate on larger whales where the return potential is much higher.[BR][BR][FONT face=Verdana size=2]You're statements are nothing but conjecture, and baseless conjecture at that.[/FONT][/P]