Tag: taxes
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New Evidence on Taxes and Income
Wall Street Journal: New Evidence on Taxes and Income Arthur B. Laffer and Stephen Moore The new Census Bureau data on income and poverty reveal that many of the economic trends in this country are a lot more favorable than America's detractors seems to think. In 2007, overall real median family income increased to $50,233,…
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Top 50% Pays 97% of All Federal Income Taxes
Heritage Foundation: Top 50% Pays 97% of All Federal Income Taxes "The U.S. tax system is highly progressive. The top 1 percent of income earners, by household, paid 39 percent of all federal income taxes in 2005, whereas the bottom 50 percent paid a little over 3 percent. Further, 32 percent of all tax returns…
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Tax rates: Current vs Historical averages
Greg Mankiw's Blog: Tax rates: Current vs Historical averages Do you think the wealthy should assume more of the tax burden for the US? Here is part of a post from Greg Mankiw: A new CBO report gives the effective federal tax rate by income group. These numbers include all federal taxes, not just income…
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Virtual economies attract real-world tax attention
From the Washington Post: Virtual economies attract real-world tax attention. Early today, I posted about Reuters jumping to the virtual world of Second Life. Well, it appears big brother (IRS) may also be about to make an entrance. LONDON (Reuters) – Users of online worlds such as Second Life and World of Warcraft transact millions…