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These tax rate schedules are provided so that you can compute your estimated tax for 2005. To compute your actual income tax, please see the instructions for 2005 Form 1040, 1040A, or 1040EZ as appropriate when they are available.
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Schedule X — Single
If taxable income is over-- But not over-- The tax is:
$0 $7,300 10% of the amount over $0
$7,300 $29,700 $730 plus 15% of the amount over 7,300
$29,700 $71,950 $4,090.00 plus 25% of the amount over 29,700
$71,950 $150,150 $14,652.50 plus 28% of the amount over 71,950
$150,150 $326,450 $36,548.50 plus 33% of the amount over 150,150
$326,450 no limit $94,727.50 plus 35% of the amount over 326,450

Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)
If taxable income is over-- But not over-- The tax is:
$0 $14,600 10% of the amount over $0
$14,600 $59,400 $1,460.00 plus 15% of the amount over 14,600
$59,400 $119,950 $8,180 plus 25% of the amount over 59,400
$119,950 $182,800 $23,317.50 plus 28% of the amount over 119,950
$182,800 $326,450 $40,915.50 plus 33% of the amount over 182,800
$326,450 no limit $88,320.00 plus 35% of the amount over 326,450

Schedule Y-2 — Married Filing Separately
If taxable income is over-- But not over-- The tax is:
$0 $7,300 10% of the amount over $0
$7,300 $29,700 $730 plus 15% of the amount over 7,300
$29,700 $59,975 $4,090 plus 25% of the amount over 29,700
$59,975 $91,400 $11,658.75 plus 28% of the amount over 59,975
$91,400 $163,225 $20,457.75 plus 33% of the amount over 91,400
$163,225 no limit $44,160.00 plus 35% of the amount over 163,225

Schedule Z — Head of Household
If taxable income is over-- But not over-- The tax is:
$0 $10,450 10% of the amount over $0
$10,450 $39,800 $1,045 plus 15% of the amount over 10,450
$39,800 $102,800 $5,447.50 plus 25% of the amount over 39,800
$102,800 $166,450 $21,197.50 plus 28% of the amount over 102,800
$166,450 $326,450 $39,019.50 plus 33% of the amount over 166,450
$326,450 no limit $91,819.50 plus 35% of the amount over 326,450

2007-04-15 05:33:51 · 3 answers · asked by GREAT_AMERICAN 1 in Politics & Government Politics

3 answers

unlike the rest of us they've got the best accountants, lawyers and financial advisers who figure the best ways to protect most of their income, so much less than 100% of their true income is ever even exposed to individual rate of taxation. For example, one way is capital gain taxes are deferred as long as you don't sell the asset. Basically a tax shelter ..

The top 1% do really get away with murder when it comes to paying as little tax as possible. They can move money overseas, trust funds, dummy businesses, etc.

They've been steadily increasing their share of the total national wealth, but as the above wpost article pointed out, their % of total income tax contribution has actually gone down

2007-04-15 05:50:22 · answer #1 · answered by d c 3 · 0 0

Since 2001, President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families, the Congressional Budget Office has found, a conclusion likely to roil the presidential election campaign.

The CBO study, due to be released today, found that the wealthiest 20 percent, whose incomes averaged $182,700 in 2001, saw their share of federal taxes drop from 64.4 percent of total tax payments in 2001 to 63.5 percent this year. The top 1 percent, earning $1.1 million, saw their share fall to 20.1 percent of the total, from 22.2 percent.

2007-04-15 05:38:13 · answer #2 · answered by redunicorn 7 · 0 0

I think that those that say the middle class pay more in taxes are refering to the middle class as a whole since most Americans consider themselves middle class.

2007-04-15 05:42:33 · answer #3 · answered by mymadsky 6 · 0 0

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