Wednesday, August 17, 2011

Stats of the day

The Wall Street Journal editorial board:
In 2009, 237,000 taxpayers reported income above $1 million and they paid $178 billion in taxes. A mere 8,274 filers reported income above $10 million, and they paid only $54 billion in taxes. 
But 3.92 million reported income above $200,000 in 2009, and they paid $434 billion in taxes. To put it another way, roughly 90% of the tax filers who would pay more under Mr. Obama's plan [to let tax cuts for the top income bracket expire] aren't millionaires, and 99.99% aren't billionaires.
As the editorial notes, "thousandaires" probably just doesn't have the same ring to it. 

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