Tuesday, February 07, 2006

Tax Facts Roundup

Tax revenues have grown since the 2003 tax cuts. FY 2005 tax receipts hit $2.15 trillion - the highest level in history.

Taxes are still disproportionately paid by the wealthy:

  • The top 20% of earners account for 60.3% of taxable income and pay 71.9% of total personal income taxes collected. Every group below them pays proportionately less.
  • The same holds true within the top 20% - the top 5% earn 33.5% and pay 43.9%
On the spending side, Angry Bear looks at major categories of federal spending and argues that President Bush has held back discretionary spending. You wouldn't think so from all of the new projects he's outlined, but facts are facts.