Income Tax Fact of the Day
30 Jul 2009 / PEIRS 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.
Jan
1 Aug 2009 @ 7:21 am
Yes, but what percentage of the total income does that top 1% represent? And what about assets? What percent of the total assets do they own?
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PE
1 Aug 2009 @ 12:50 pm
Fair question. Here’s some more info from The Tax Foundation link above…
Assets are different. You’ve probably noticed high-income people — often athletes or celebrities — filing for bankruptcy because they spent the money as fast as they earned it. You can have high income/low assets, high assets/low income…you could look up top 1 percent of net worth but that’s a different group than top 1 percent of taxpayers, as there is no income tax on assets…
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Jan
2 Aug 2009 @ 6:51 am
Well, I knew that. I was just trying (poorly) to point out that the deck is stacked for the rich to get richer and to hell with the rest of us.
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Barry Manifold
9 Nov 2011 @ 7:11 pm
Figures…
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