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Only 3% of Taxpayers Earn $200,000 or More

Posted By Jim On 08/24/2011 @ 7:30 am In Taxes | 67 Comments

Remember in the last Presidential election, when various Presidential hopefuls talked about raising taxes on the wealthy (or argued that raising taxes on those people would hurt small business and job growth)? According to information from the IRS, reported by CNN Money [3], only 3% of tax returns showed income of more than $200,000 a year. Three percent.

The tricky part about politics is that the media and the pundits make things bigger than they are. It’s like Republican hopeful Michelle Bachmann’s promise [4] that she’ll lower the price of a gallon of gas to $2 if she is elected President. While the price of gasoline is important to me, and to many Americans, it’s not something that drives my decision making when voting for the leader of the free world.

Whether or not you agree with the politics of raising taxes (or raising revenue, depending on how much vocabulary gymnastics you’re willing to play), the reality is that raising taxes on those earning $200,000 or more only affects 3% of filers.


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[3] CNN Money: http://money.cnn.com/2011/08/11/pf/tax_increase_rich/index.htm

[4] Michelle Bachmann’s promise: http://www.ibtimes.com/articles/199941/20110818/michele-bachmann-2-dollar-gas-promise.htm

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