unreported income? few thousand? naw, youve got a few people with large amounts of unreporte (ie, illegal) income. thats whats creating the average out. mostly drug dealers.
On 4/14/05, Jed Rothwell <[EMAIL PROTECTED]> wrote: > Terry Blanton wrote: > > > I assure you there is. I know several dirt-poor people who live on that > > much, and pay that much in taxes. > > I don't think these figures include EIC, a negative tax for the poor, ie an > income redistribution plan. > The Bureau of Labor Stats says they do include EIC. The only thing left out, > as I noted before, is hidden (unreported) income. This is usually a few > thousand for people in the bottom 20%. That is a very large fraction of > their income. > > There is also a large but indeterminate amount of unreported income in the > top 20%, such as the folks at Enron or the corporate CEO they nabbed > yesterday for secretly transferring millions to his wife. Most of these > people get away with it. Middle-class people have the fewest opportunities > to hide significant amounts of income because most of their money comes from > wages from legitimate corporations, which are duly reported. That seems a > little unfair but on the other hand middle-class people also have the lowest > tax rates; 16% versus 18% for poor people. > I > - Jed > -- "Monsieur l'abb�, I detest what you write, but I would give my life to make it possible for you to continue to write" Voltaire
