Monday, August 3, 2009

According to the IRS the top 1% of income earners are now paying more in taxes that the bottom 95%

http://www.unitedliberty.org/articles/top-1-pays-more-in-taxes-than-bottom-95

The IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.

Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. In 2007, the bottom 95 percent paid 39.4 percent of the income tax burden. This is down from the 58 percent of the total income tax burden they paid twenty years ago.

The top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.

Barry and the Dems in Washington D.C., plus Rich and Terry, say the tax system is still not progressive enough. However, the recent IRS data bolsters the findings of an OECD study released last year showing that the U.S.—not France or Sweden—has the most progressive income tax system among OECD nations. The US relies more heavily on the top 10 percent of taxpayers than does any nation and our poor people have the lowest tax burden of those in any nation.

No wonder Barry and Timmy are starting to talk about taxing the middle class! Numbers have meaning too, just like words!

2 comments:

Baxter said...
This comment has been removed by the author.
Baxter said...

Because they are earning a great deal more than the bottom 95%, Dr Einstein. The wealth disparity in our country is greater than at any time since the last Gilded Age.

You need to read more Krugman (2008 Nobel Laureate) or pay more attention.