There was some debate about the availability of 0.1% percentile income data for the US. I came upon some very detailed data today, so here it is. The data comes from the US Internal Revenue Service.
Joe Gwinn
Hi Joe, the only problem I have with such data is that it ignores the payroll taxes I pay (and the equal share that my employer pays 'in my name'.) which adds something like 14-15% to everyone making less than ~$100k/yr.
George H.
I didn't see the .1% numbers, but I'm always amazed to see that the top 1% pay almost 40% of the individual tax burden. Those taxpayers need a better lobby! Mikek
Payroll taxes fund your disability policy and a retirement fund.
I don't like the argument about payroll taxes, more specifically, when used as reasoning that the poor do pay taxes. The poor don't pay any federal income taxes, then it is argued "they pay payroll taxes (FICA)" Yes, but when the get the social security the will get back more than the paid in to the fund. They also had a disability insurance plan during there life. Mikek
To look at it another way:
The top 1% is the only area with income at all.
With all the un/under employment today, where do they get their money from ? If the middle class were still alive, those numbers would be much different.
It's shocking that the people in the top 0.1% income bracket make more money than the average person!
I, personally, have as much wealth as the entire summed wealth of about 40% of the US population. Anybody with a net worth over $1 does, too.
-- John Larkin Highland Technology Inc www.highlandtechnology.com jlarkin at highlandtechnology dot com Precision electronic instrumentation Picosecond-resolution Digital Delay and Pulse generators Custom timing and laser controllers Photonics and fiberoptic TTL data links VME analog, thermocouple, LVDT, synchro, tachometer Multichannel arbitrary waveform generators
I was about to say lol, but it's really not funny! To many people have no thought about saving for tomorrow.
I'm lucky I married an immigrant and it was just her mental make up that money is not to be wasted. The first year we were married, we grossed $18,000, we saved $6,000. That's when I became a believer that we could build a useable net worth. It's now 32 years later, and we did. A lot of those years I earned less than $15,000, so I don't want to hear any, it's to hard to do stories.
Mikek
PS. I have eaten a lot of rice!
Same thing with my wife. She is an accountant, but one thing she has always been able to do is a budget. Even when on unemployment, we still put away a little each month. When we moved here, we actually paid cash for our house!
Charlie
Yep, same here, when we moved to Florida 20 years ago, I just wrote a check for the house. I figure your doing well when you no longer include your home when calculating your net worth, because your just looking at how much income can I generate with my assets. We have never made a budget. We were both tight with what we bought, but I understand it is a useful tool. I'm hoping my kids picked up some of these good habits. The other night I ask my wife if she wanted to walk to Burger King and get an ice cream cone. They have them for $0.75 ea. On the way home I told her she was an expensive date. I thought I was going to spend $1.50, I spent almost $4.00, she wanted a french fry too! I told her she was worth it.
btw, way OT and rated R.
I had a sex dream last night, I'm a little confused, it was with my wife. I could have had anybody in my dream, but it was my wife! :-)
According to Table 1, the top 50% of taxpayers, are paying almost all the taxes (97.6%). That means half the taxpayers are supporting the taxes of the other half, who are paying nearly nothing (2.4% excluding dependent returns). Median income for 2012 is about $51,000 if you're wondering in which half you fit.
-- Jeff Liebermann jeffl@cruzio.com 150 Felker St #D http://www.LearnByDestroying.com Santa Cruz CA 95060 http://802.11junk.com Skype: JeffLiebermann AE6KS 831-336-2558
Ya, it erks me that many think the rich don't pay enough. Is the median for a family or individual? A family of four still gets the welfare subsidy up to $94,000 for Obamacare. Mikek
Household, which means family:
Of course, those are individual and joint income tax returns and do not include corporate returns. For 2012, the projected number of individual and joint returns was 144 million out of a population of
314 million. I'm too busy/lazy to dig out the statistics on the ratio of joint to individual returns, or the number of minors that are forced to file returns for mowing the neighbors lawn, so I'll just guess 50%. That means 216 million people bothered to file returns, out of (my guess) 275 million elligible contributors. So, upper median 50% of taxpayers, are also supporting about 59 million non-filers and "invisible" people.
The basic problem with Obamacare is that it adds about 25 million recipients to the system, who have never contributed, and probably will never contribute, to the system. Programs without sufficient funding usually die a
-- Jeff Liebermann jeffl@cruzio.com 150 Felker St #D http://www.LearnByDestroying.com Santa Cruz CA 95060 http://802.11junk.com Skype: JeffLiebermann AE6KS 831-336-2558
Those people have to get medical services from somewhere. What O'care has done is to give them healthcare and tax everyone else to pay for it. Without doing anything to reduce actual costs.
-- John Larkin Highland Technology Inc www.highlandtechnology.com jlarkin at highlandtechnology dot com Precision electronic instrumentation Picosecond-resolution Digital Delay and Pulse generators Custom timing and laser controllers Photonics and fiberoptic TTL data links VME analog, thermocouple, LVDT, synchro, tachometer Multichannel arbitrary waveform generators
How do you reduce actual costs when the medical services will not tell what the costs actually are ?
The biggest cost is hospitals, but the biggest part of that is profit.
Profit is fine, but at whose expense ?
Force more competition. Many states restrict the number of insurers.
Malpractice reform.
Generic drugs.
Neighborhood and rural clinics run by nurse practitioners.
Encourage true HMOs, like Kaiser. Discourage coding as the payment model.
Mandate published, uniform price lists.
Sponsor more med students and free medical schools.
Patent/trademark reform for drugs. Payoffs to delay generics are a scandal and should be illegal.
-- John Larkin Highland Technology Inc www.highlandtechnology.com jlarkin at highlandtechnology dot com Precision electronic instrumentation Picosecond-resolution Digital Delay and Pulse generators Custom timing and laser controllers Photonics and fiberoptic TTL data links VME analog, thermocouple, LVDT, synchro, tachometer Multichannel arbitrary waveform generators
Obamacare is not medical services, it is insurance. It is an unfair tax because, so far only the individuals that had private insurance policies and got kicked off, and then get Obamacare are paying extra in their new insurance policy are paying that hidden tax. Convoluted sentence, but it works read it again :-) Again, my good policy that has the upgrades Obamacare forced is $633. A Bronze plan is $1,358. (for a family of four)
Yes there are some other new taxes (20) that help fund O'care.
Here's a pretty good list.
Note: in there misguided effort to reduce the cost of health care they passed 10 new taxes that directly raise the cost of health care.
Tax on Health Insurers Excise Tax on Comprehensive Health Insurance Plans Tax on Innovator Drug Companies Tax on Medical Device Manufacturers High Medical Bills Tax Medicine Cabinet Tax Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D $500,000 Annual Executive Compensation Limit for Health Insurance Executives Blue Cross/Blue Shield Tax Hike Excise Tax on Charitable Hospitals
Mikek
How about honesty from the medical profession ?
What does that mean? "The medical profession" is a lot of different people.
-- John Larkin Highland Technology Inc www.highlandtechnology.com jlarkin at highlandtechnology dot com Precision electronic instrumentation Picosecond-resolution Digital Delay and Pulse generators Custom timing and laser controllers Photonics and fiberoptic TTL data links VME analog, thermocouple, LVDT, synchro, tachometer Multichannel arbitrary waveform generators
I believe that corporate hospitals have taken over and are intentionally gouging the public.
With all the boomers dieing off in the next 30 years, the next corporate takeover will be funeral services.
h
Allow insurance to be sold across state lines.
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