To the editor:
So many twists and spins are put on who pays how much in taxes, sometimes we are left not knowing what to believe. One thing we may all agree on is we feel like we pay too much in taxes.
Anyway, here’s a summary of the latest federal individual income tax data. These are the IRS's 2006 nationwide numbers that were released last month. I encourage you to take a look and draw your own conclusions:
Top 1% of earners make 22% of the money in America and pay 40% of the taxes.
Top 10% of earners make 47% of the money in America and pay 71% of the taxes.
Top 25% of earners make 68% of the money in America and pay 86% of the taxes.
Top 50% of earners make 87% of the money in America and pay 97% of the taxes.
Bottom 50% of earners make 13% of the money in America and pay 3% of the taxes.
Here's the link to the full story and charts, detailing trends, etc.: http://www.taxfoundation.org/news/show/250.html
As for state taxes, Minnesota’s state and local tax burden has consistently been among the nation’s highest during the past three decades. Estimated at 10.2 percent of income, Minnesota’s state/local tax burden percentage stands at 12th highest nationally, above the national average of 9.7 percent. Minnesotans pay $4,688 per capita in state and local taxes.
Here's the link to all sorts of Minnesota tax info: http://www.taxfoundation.org/taxdata/topic/37.html