Oh My God, This will knock your socks off!
We needed some data today showing the percentage of income for each tax group.
So I went digging, and I found this excellent publication.
On page 4, you will see what I saw and I used this as a guideline.
I also am enclosing a snapshot of it to save you some time
Click to zoom in
So I created this spreadsheet so that I could generate a couple of charts.
As you know, I figure it costs 50,000 per household just to survive here in just about any city in America, so I broke this down into two groups.
Those making less then 50,000 and those making more then 50,000
In hindsight, I should have broken out what I consider the middle class which is from 50,000 to 100,000 and perhaps at a later date, I will.
As you can tell by this first chart, just a hair over 50 percent of us that file taxes in America make LESS THEN the 50,000 I figure it takes to survive.
click to zoom in
If it levelled off there, it might not be so bad, but when I ran the actual numbers, look at what I found and what really ticks me off is that our government allows them all types of deductions and if we don’t have more then about 3,900 in deductions, we can’t take any deductions.
No wonder our economy is crashing
After all, everything I hear tells me that the American economy relies on the American consumer, who apparently has nothing left to give.
click to zoom in