Top 40% Paid 106.2% of Income Taxes; Bottom 40% Paid -9.1%,

[B_J 2,752]

The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office.

At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.

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The households in the top 20 percent by income paid 92.9 percent of net income tax revenues taken in by the federal government in 2010, said CBO.

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According to the CBO, households in the bottom quintile received an average of $22,700 in government transfers in 2010 (including $14,300 in payments from Medicare and Social Security and $8,500 in payments from other government programs); and households in the second quintile received an average of $15,200 in government transfers (including $10,300 in payments from Medicare and Social Security and $4,900 from other government programs).

Thus, households in the bottom 40 percent received a combined average of $18,950 in government transfers in 2010.

http://cnsnews.com/news/article/terence-p-jeffrey/cbotop-40-paid-1062-income-taxes-bottom-40-paid-91-got-average-18950

[mota bhai 2,675]

That tax burden is going to change drastically as households in the lower 60% start ponying up premium dollars for their mandatory health insurance. Of course, it could be argued that the premium isn't a tax because it doesn't go to the IRS but if the government makes you part with it, it's a tax in my book.

[Dakine10 5,452]

http://cnsnews.com/news/article/terence-p-jeffrey/cbotop-40-paid-1062-income-taxes-bottom-40-paid-91-got-average-18950

It's so unfair. I wake up every morning and curse my misfortune to be in the top 20% of earners. I sometimes wish I could find someone in the bottom 20% who would be willing to trade places with me, but who would want to trade their way out of a cushy life like that. Only in the movies.

[Mr. Big Dog 10,747]

It's so unfair. I wake up every morning and curse my misfortune to be in the top 20% of earners. I sometimes wish I could find someone in the bottom 20% who would be willing to trade places with me, but who would want to trade their way out of a cushy life like that. Only in the movies.

I hear you. It's a heavy burden that us 20%ers have to bear. Life would be so much better on food stamps and medicaid.

[Karee 4,189]

Interesting. I guess this is what Obama means by "paying your fair share"

[Trumplestiltskin 5,791]

It is a fair share.

[Karee 4,189]

No point in donating to charity. Looks like I do it while working everyday.

[Dakine10 5,452]

No point in donating to charity. Looks like I do it while working everyday.

Wait around a few more hours and Gary will be along to extol the virtues of the fair tax. We'll all feel better after that.

[Trumplestiltskin 5,791]

Does Gary even pay tax? I imagine he's a 'hide the money in a shoebox' kind of guy.

[Karee 4,189]

Does Gary even pay tax? I imagine he's a 'hide the money in a shoebox' kind of guy.

He was bragging a year or two ago about he can make $40k a year just living off govt. handouts. Not sure if he actually did that, or was just talk out his a$$.

[Mr. Big Dog 10,747]

He was bragging a year or two ago about he can make $40k a year just living off govt. handouts. Not sure if he actually did that, or was just talk out his a$$.

Yeah, he's on the dole. One of the many proud libertarians that complain about the very government that feeds them.

[ready4ONE 5,400]

The top 1% possess 40% of the nations wealth, not sure how much that means the top 40% own but you will have to excuse me if I fail to shed a tear for their tax burden.

[Trumplestiltskin 5,791]

The top 1% are not vjers

[Neonred 3,454]

The top 1% are not vjers

Speak for yourself

[Trumplestiltskin 5,791]

I do.