The 4.29 million earning over $200,000 earn enough to eliminate unemployment

[raise_the_mi...@hotmail.com]

Individual Income Tax Returns
Table 3.5: Returns with Modified Taxable Income: Tax Generated 2010
http://www.irs.gov/uac/SOI-Tax-Stats-Individual-Income-Tax-Returns-Publication-1304-%28Complete-Report%29

According to this above IRS report, in 2010 there were 142 million
(142,892,051) total taxpayers in the United States (pop. 315 million)
with total taxable incomes of $5.5 trillion (5,502,000,658),
generating total taxes of $1 trillion (1,037,745,104).

Further analyses of the data reveals the following:

4.29 million taxpayers made over $200,000.
These 4 million taxpayers had total taxable incomes of $1.89 trillion,
and generated $488 million in taxes. Had these 4.29 million taxpayers
made only $200,000 after taxes, they would have made only $859 billion
after taxes, generating $1 trillion more in taxes. This is enough
money to employ 10 million people at $100,000 a year each –
approximately the number of the nation’s unemployed.

824,584 taxpayers made over $500,000.
These 800 thousand taxpayers had total taxable incomes of $1.1
trillion and generated $307 billion in taxes. Had these 800 thousand
taxpayers made only $500,000 after taxes, they would have made only
$412 billion after taxes, generating $698 billion more in taxes.

280,360 taxpayers made over $1,000,000.
These 280 thousand taxpayers had total taxable incomes of $800 billion
and generated $220 billion in taxes. Had these 280 thousand taxpayers
made only $1 million after taxes, they would have had made only $280
billion after taxes, generating $520 billion more in taxes.
Furthermore: $520 billion is approximately the total taxes generated
by the 138 million taxpayers with incomes of less than $200,000, who
generated $549 billion in tax revenues. In other words, a maximum
income of $1 million after tax would leave almost enough money to have
no taxes at all under $200,000.

153,419 taxpayers made over $1,500,000
These 153 thousand taxpayers had total taxable incomes of $670 billion
and generated $181 billion in taxes. Had these 153 thousand taxpayers
made only $1.5 million after taxes, they would have made only $230
billion after taxes, generating $440 billion more in taxes.

101,869 taxpayers made over $2,000,000
These 101 thousand taxpayers had total taxable incomes of $593 billion
and generated $159 billion in taxes. Had these 101 thousand taxpayers
made only $2 million after taxes, they would have had total incomes of
$203 billion after taxes, generating $390 billion more in taxes.

28,791 taxpayers made over $5,000,000
These 28,791 taxpayers had total taxable incomes of $405 billion and
generated $103 billion in taxes. Had these 28,791 taxpayers made only
$5 million after taxes, they would have had total incomes of $143
billion after taxes, generating $261 billion more in taxes.

11,264 taxpayers made over $10,000,000
These 11,264 taxpayers had total taxable incomes of $300 billion, and
generated $73 billion in taxes. Had these 11,264 taxpayers made only
$10 million after taxes, they would have had total incomes of $112
billion after taxes, and generated $188 billion more in taxes. Their
average income, rather than $10 million was $26 million before taxes.

Corporate taxes totaled $191 billion in 2010.
http://americawhatwentwrong.org/story/taxes-and-corporations/

The top corporate tax rate has been 35% for the past 20 years, since
1993. Before that it was higher; the top tax rate in the 1950’s was
52%. As the following file indicates, it hasn’t been below 35% for 70
years, since 1941.
http://www.taxpolicycenter.org/taxfacts/Content/PDF/corporate_historical_bracket.pdf

As the Wall Street Journal article referenced below notes, corporate
taxes were just 12.1% of profits in 2011, the lowest since 1972.
http://www.google.com/url?sa=t&rct=j&q=With%20Tax%20Break%2C%20Corporate%20Rate%20Is%20Lowest%20in%20Decades%20U.S.%20companies%20are%20booking%20higher%20profits%20than%20ever.%20But%20the%20number%20crunchers%20in%20Washington%20are%20puzzling%20over%20a%20phenomenon%20&source=web&cd=1&ved=0CFAQFjAA&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052970204662204577199492233215330.html&ei=RFW5T4_YFeSIiALr_bnyBg&usg=AFQjCNEBuLhd3ZsvAuu1jjb21eirslNYMw

Also according to http://americawhatwentwrong.org/story/taxes-and-corporations/
“During the 1950s (the decade in which more people joined the middle
class than at any time in history — before or since) corporations paid
49 percent of their profits in taxes. In 2010, it was about half that
rate, a decidedly more modest 26 percent”
”As for the corporate share of total income taxes paid by businesses
and individuals, it has plummeted from 40 percent in 1950, the dawn of
Middle America’s golden age, to 18 percent in 2010.”

Meanwhile, corporations posted an annualized profit of $1.65 trillion
in the fourth quarter of 2010, and corporate cash hoards are high,
standing at over 1 Trillion, for non-financial companies (not
including banks, etc.)
http://blogs.barrons.com/incomeinvesting/2012/03/14/u-s-companies-sitting-on-1-24-trillion-cash-hoard/

However, small businesses are responsible for creating 60 percent of
the net new jobs in the last decade, and while blue chip companies
like Microsoft and Apple may have high corporate cash hoards, middle
market and growth companies likely create a large percentage of the
nation’s jobs as well.

Meanwhile the minimum wage has not increased to keep pace with
increases in GDP per capita.

The minimum wage was $1 in 1956. http://www.infoplease.com/ipa/A0774473.html

Adjusted for inflation that is approximately $8.44 today.
http://www.bls.gov/data/inflation_calculator.htm

Per capita GDP in 1956 was $2,600. http://www.measuringworth.com/usgdp/

Adjusted for inflation, that is approximately $21,946 today.

Per capita GDP today is $48,372. Approximately two times greater than
in 1956.

The federal minimum wage today is $7.25.

Thus the minimum wage should be approximately doubled for the increase
in per capita GDP.

Minimum wage employees will then be able to spend more to stimulate
the economy.

I hope this all has been informative regarding the distribution of
wealth in America.