CHART OF THE DAY: These Are The 47 Percent

[ProSense]

CHART OF THE DAY: These Are The 47 Percent

Brian Beutler

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Democrats are vying for victory by supporting tax increases on millionaires and the "Buffett Rule," which posits that all millionaires should pay at least the same effective tax rates as the middle class. The Occupy Wall Street protesters have turned "We Are The 99 Percent" into a rallying cry.

How do you argue against that? By obscuring what the fight's really about, and perpetuating the sense that hundreds of millions of people are gaming the system. To do this, conservatives and Republican elected officials are citing recent data to create the impression that a small majority of people in the country pay all the taxes, and nearly half (a large minority) pay nothing at all. It's a false impression, and when you break down who comprises this now-famous "47 percent" -- the poor, the disabled, and the elderly -- it makes you wonder why anybody thought it was a good idea to pick a public fight with them.

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As Benjy Sarlin explained at length the Republican answer to this problem, remarkably, is that Congress should raise these people's taxes.

So who are these people? This chart, courtesy of the Center on Budget and Policy Priorities, explains just about everything you need to know.



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Open Letter to that 53% Guy

[ProSense]

1. No comment? n/t

[Johnny2X2X]

2. Some don't even know it

Had a big discussion the other day with a guy that used to work for me. I know about what he makes and the fact that he has 3 kids. He was bitching and moaning about the 47% so I took a guess and asked him what his tax refund was, after he told me I asked him what he paid in taxes on his paycheck that year. He didn't know this off hand, but I suspect considering what he makes and that he has 3 kids to deduct he very likely paid no tax or even got a "handout" from the government. He said he was going to check, this shut him up pretty good.

Half these people bitching about the 47% are the 47% themselves and are too stupid to know it.

[LiberalFighter]

3. Then you could had told him

that on average those with adjusted gross income of $200k or more have on average $64k of itemized deductions. That doesn't include the $3,650 in personal exemptions allowed for each allowed person in the household.

Your former employee would had a minimum of $29,625 of his income exempt. $11,400 for the standard deduction and $18,250 for personal exemptions. The remainder would probably be taxed at 10%. If there is more than $17k then whatever is above the $17k taxable income would be at 15%.

If your former employee has a mortgage on his home he more than likely itemized his deductions might have about $31,000 of his income exempt from taxes. That is so wrong! :sarcasm:

Yet, someone with over $200 of adjusted gross income has on average $64k itemized deductions not including personal exemptions exempt from taxes.

[chieftain]

4. Thanks for posting. This is important. eom