The new data shows that the top-earning 25% of taxpayers (AGI over $62,068) earned 67.5% of the nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86%). The top 1% of taxpayers (AGI over $364,657) earned approximately 21.2% of the nation's income (as defined by AGI), yet paid 39.4% of all federal income taxes. That means the top 1% of tax returns paid about the same amount of federal individual income taxes as the bottom 95% of tax returnsPopulist politicians always like to claim they are going to make the rich pay their fair share, but it looks to me like they are paying more than their share already. What I would like to see is a politician who promised to see that government spends our money wisely and maybe even tries to spend less of it.
Monday, October 8, 2007
More evidence for taxing those greedy rich folks
TaxProf has the newest data on who really pays the taxes in this country:
Posted by BBL Jr at 5:43 PM