Friday, July 31, 2009
The Tax Foundation's Tax Policy Blog: Tax Burden of Top 1% Now Exceeds That of Bottom 95%, by Scott A. Hodge:
Remarkably, the share of the tax burden borne by the top 1% now exceeds the share paid by the bottom 95% of taxpayers combined. In 2007, the bottom 95 percent paid 39.4% of the income tax burden. This is down from the 58% of the total income tax burden they paid twenty years ago. To put this in perspective, 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.
- IRS Tax Stats 2009-16: Tax Years 1986-2007 -- Individual Income Tax Return Statistics by Selected Descending and Ascending Cumulative Percentiles
- Greg Mankiw's Blog
- The Tax Lawyer's Blog