Quote:Edited for slightly more accurate numbers."The top-earning 25 percent of taxpayers (AGI over $66,532) earned 68.7 percent of the nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86.6 percent). The top 1 percent of taxpayers (AGI over $410,096) earned approximately 22.8 percent of the nation's income (as defined by AGI), yet paid 40.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid more in federal individual income taxes than the bottom 95 percent of tax returns."
Afterthought: To take the callous edge off, this is not accounting for any progressivity in the tax system. Most people for whom an extra six fifty a day would be rather important aren't paying anywhere near six fifty in taxes servicing the debt.
For those earning over $66,532 a year...
155,000,000 * .25 = 38,750,000
1,000,000,000 * .687 = $893,100,000 / 38,750,000 = $23 / day or $690/month or $8280 / year.
What bill do you have that exceeds $690 / month? House payment/rent perhaps.
Much less callous indeed. The government spends more per day to service debt than I spend on myself. Note that is not the part they actually spend forcing me to be benevolent, just the interest on the debt they incurred forcing me to be benevolent. If we had the delusion of having a balanced budget, then our 4 trillion *.687 = (2,748,000,000,000 / 38,750,000 ) = $70,916.13 / year or $194.29 per day for those of us making $66,532 a year or more. That would be say if it would even be possible for someone earning $66,532 to pay $70,916.13 in taxes in order to have a balanced budget.