The Truth About Taxes
In this cross-post from Our Fiscal Security, Tamara Draut, vice president of Policy & Programs at Demos, gives us a quick list of the top 10 tax stats.
5. The Bush tax legacy means we currently tax wealth less than work: middle-income paychecks are taxed at 25 percent compared to stock dividends and capital gains for the wealthiest, which are taxed at a top rate of only 15 percent.
6. While most small businesses dream of making a killing, only 3 out of every 100 small business owners pay taxes at the highest rate.
7. A Wall Street transactions tax of only 0.50 percent on short-term speculation could raise up to $170 billion annually.
9. Upper income households save an average of $5,500 thanks to the mortgage interest tax deduction.
10. Only four OECD nations collect less revenue as a percentage of GDP than the United States: Chile, Korea, Mexico and Turkey.
Posted on 04/18/2011 • Permalink