Through The Fly's Eyes: Taxes

from Theflyonthewall.com














Tax Emancipation Day Is April 30th

Tuesday is the final day to pay taxes with April 30th being tax emancipation day, or the day that the average American "stops working for the government and works for himself," according to Thomas Dolan in Barron's editorial comment this past weekend.

Taxes take up 32.7% of income and April 30th is 32.8% into 2007.

Some other tax data points:

• According to 2004 data, the top 10% of American earners made up 44.3% of the income and paid 68.1% of all federal income taxes.
• To make the top 1% of earnings, you need gross household income of $328,049.
• The bottom 50% earn 13.4% of national income and paid 3.3% of federal income tax, therefore, tax freedom day came on January 29.

Since the beginning of the the 20th century, income taxes have increased from 5.7% to about 10% by the mid-1920s to 25% during World War II. Taxes continued to increase before descending to about 29.5% in 2003, but began increasing as the economy started to expand and taxable income increased to 32.7% currently.

Dolan finished up his editorial quoting Will Rogers, "The difference between death and taxes is death doesn't get worse every time Congress meets."