Wednesday, October 12, 2011

Why Elites Think They Can Say The Middle Class Has All The Money, So Tax Them Instead

Because the top ten largest tranches of net compensation aggregates spanned incomes from $20K to $70K in 2009, for example, that's why.

And 8.2 million people in the $35-$40K category had the single largest pile of dough at nearly $310 billion, while the lowest tranche in the top ten were the 3.1 million people who had nearly $211 billion in net compensation and hailed from the $65-$70K category.

All told, over 68 million wage earners in the $20K to $70K category pulled in $2.7 trillion in net compensation, not quite half of the total $5.9 trillion.

The only thing is, the richer have a lot of income which escapes the categorization called net compensation by the federal government, at least another $2.5 trillion. That's how total adjusted gross income for the whole country gets to $8.5 trillion and higher on some 140+ million tax returns.

When it comes to compensation, however, it is the human factor which gives these numbers some life:

73 million people made less than $25K in 2009 (totaling less than $750 billion);

41 million made between $25K and $50K (totaling $1.5 trillion);

19 million made between $50 and $75K (totaling $1.2 trillion);

another 8 million made between $75 and $100K (pulling in together barely $716 billion);

and at the top were 9.5 million people making in excess of $100K. They alone accounted for $1.8 trillion in net compensation in 2009, the single largest sum.

If I were them, I'd try to move the spotlight somewhere else, too.