CNNMoney's story about how the top 10% of taxpayers paid 70% of the nation's federal income taxes, even though they received just 45% of the income, took off like wildfire in the social media world.
Nearly 4,000 people commented on the piece. It also generated tons of tweets and was recommended more than 8,000 times on Facebook . Some people liked it:
And we got some backhanded compliments:
But most of the comments were negative. The nastiest stuff tended to come by email.
"I can't believe you try to drum this nonsense into our heads" one reader wrote. "This article is nothing but trash coming from someone that hasn't a clue."
"You should be ashamed of yourself for putting that abject lie in the top of your article," wrote another. "I demand an apology and a retraction."
An apology or retraction will not be forthcoming -- the facts were correct. But many readers raised a valid point: We did not include the amount of wealth held by the top 10% of taxpayers.
Fair enough, so here goes: "The share of wealth held by the top 10% of wealth owners grew from 67.2% in 1989 to 74.5% in 2010," The Congressional Research Service wrote in a report last year. "Declines occurred in the remaining 90% of households."
Now wealth is not the same as income -- it includes things like value of stocks and real estate. And the wealthiest 10% are not necessarily the same as the top 10% of taxpayers. But chances are there's a lot of overlap.
So Cheney Watch could be forgiven for wanting to keep its pitchfork.
As lawmakers bicker over how to spend federal tax dollars, Americans have a few suggestions for them.
According to a recent online survey of 1,000 consumers by TD Ameritrade (AMTD), people clearly want the government to focus even more on health care. Jobs are important as well. And there are some interesting differences between what men would like the government to spend more on and what women view as a priority MORETami Luhby - Feb 12, 2013 9:29 AM ET
The fiscal cliff deal contains a wide array of tax provisions that will affect taxpayers. Here's the list of what is -- and isn't -- in the agreement:
Payroll taxes: Wage earners will now pay a 6.2% payroll tax on the first $113,700 in wages since the deal did not extend the 4.2% rate that had been in place for two years. That means workers earning the national average salary of MORETami Luhby - Jan 2, 2013 1:00 PM ET
There are some new lines on the Form 1040 thanks to the fiscal cliff. The IRS has had to set aside space for provisions that Congress hasn't approved yet, leaving those lines as "reserved."
Are you a teacher who spent up to $250 on pencils, books or other classroom supplies? Well, you'll find Line 23 now says "reserved" instead of "educator expenses deduction."
Are you a student looking to deduct up to MORETami Luhby - Dec 28, 2012 1:52 PM ET
Facebook investors and employees aren't the only ones carefully watching the company's stock price deflate.
California, which was hoping to net up to $2 billion for its cash-strapped budget from Facebook's IPO, acknowledged this week that the company's stock price has "fallen far below" the $35 level assumed in the state's revenue projections.
Facebook (FB) dipped below $20 for the first time on Thursday, a far cry from its $38 initial public MORETami Luhby - Aug 2, 2012 3:19 PM ET
Former President Bill Clinton said Tuesday that lawmakers will most likely put off making a set of crucial spending and tax decisions until 2013.
"[Congress] will probably have to put everything off until early next year," Clinton said during an interview with CNBC. "That's probably the best thing to do right now."
Clinton was referring to the so-called fiscal cliff -- a series of measures set to begin in January that would MORECharles Riley - Jun 5, 2012 7:14 PM ET
Republicans desperately do not want to raise taxes on the über-rich. And Democrats certainly don't want to gut entitlement spending for the nation's most needy. But with the Bush tax cuts and Obama payroll tax cut set to expire at the end of the year, and automatic budget cuts tied to sequestration set to kick in at the beginning of next year, it's clear that Congress has to do something MOREPaul R. La Monica - Mar 22, 2012 9:17 AM ET
States lowered taxes by $2 billion last year -- the first such reduction in 10 years.
But don't be fooled into thinking states were back in the black financially. Despite facing collective shortfalls exceeding $100 billion, strong anti-tax sentiment has led many states to slash tax levies.
Taxes dropped after states allowed several temporary measures to expire, according to the National Conference of State Legislatures. These hikes had been enacted to boost MORETami Luhby - Mar 19, 2012 10:36 AM ET
Raising taxes on the rich isn't just an election year issue in the United States -- it's also a big deal in France.
Socialist presidential candidate Francois Hollande last week proposed a 75% tax rate on income above 1 million euros, a move that has sparked debate, with some arguing that raising taxes to that level would result in an exodus of French citizens to other European countries with more favorable MORECharles Riley - Mar 5, 2012 3:54 PM ET
After two years of declines, Americans' income finally rose in 2010. The Internal Revenue Service provided a first peek at taxpayers' returns and it showed that adjusted gross income totaled $8 trillion, up 5.2% from 2009.
But a closer look at the data reveals that only the wealthiest Americans will be popping the Cristal.
Taxpayers earning more than $250,000 saw their total adjusted gross incomes rise by 13.8%, while those bringing home MORETami Luhby - Mar 5, 2012 12:09 PM ET
Every single 2012 candidate wants to change the U.S. tax code.
Some of the changes would be quite drastic (I'm looking at you, Ron Paul.)
Other candidates propose far more modest changes. In general, every Republican candidate wants to lower taxes. President Obama's biggest modifications would result in the rich paying more.
CNNMoney has covered the proposals from Obama, Paul, Newt Gingrich, Mitt Romney and Rick Santorum in some detail.
But now our friends MORECharles Riley - Mar 5, 2012 12:07 PM ET
If you've ever been out at a restaurant and have been surprised to see an additional meals tax tacked on to the bill, you are not alone. The Tax Foundation, a nonpartisan research group, just put out a report about the absurdity and complexity (two words never associated with taxes, right?) of some of these local levies.
Among the key findings: Chicago, Jacksonville, Indianapolis, Seattle, Denver and Washington D.C. are among MOREPaul R. La Monica - Mar 2, 2012 10:57 AM ET
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.49%||3.47%|
|15 yr fixed||2.69%||2.70%|
|30 yr refi||3.49%||3.49%|
|15 yr refi||2.72%||2.72%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|