George
2008-01-10 15:08:44
I’m not going to delve into Johnston’s tortuous methodology. Let me simply present some IRS statistics from 2005:
AGI from 1 to $5,000:
11.5 million returns (8.5 percent of total)
AGI from $5,001 to $10,000
12.1 million returns (9 percent of total).
But that is ***ADJUSTED GROSS INCOME***. Adjusted Gross Income is NOT total income, is not even close, as I would think any trained economist and best selling author would have a clue about. In 2005, it excluded a MINIMUM standard deduction of $5,000 and a $3,200 personal exemption.
So that is, at a MINIMUM, $8,200 in additional income not included in your total.
