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01/31/2003 Entry: "Income taxes and equality"

"The poorest fifth, with an average income of $7,946, have a cumulative tax rate of 18 percent. (Those are the folks so memorably referred to by The Wall Street Journal's editorial writers as "lucky duckies.") The richest fifth, with an average income of $116,666, now pay 19 percent in cumulative taxes -- and that of course goes down under the Bush plan. The percentages for the three middle quintiles are 14, 16 and 17."
"Oh, the state of the union ...", Molly Ivins, Jan. 30, 2003

Not that I have an average income of $116,666, but a 19% hit on that would hurt a lot less than an 18% hit on $7,946 and I can't believe me and Molly are the only ones who know that.

 

 

 

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