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Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Saturday, December 21, 2013

Bartlett: Is the Tax Tide Turning Against the Rich?

Tax Analysys Logo (2013)Bruce Bartlett, Is the Tax Tide Turning Against the Rich?, 141 Tax Notes 887 (Nov. 25, 2013):

The trend of the last 50 years has been to reduce taxes on the wealthy. But this article argues that the United States has come to the end of that trend. The need for additional federal revenue, and rising wealth and income inequality are fueling a change in direction. There is rising support in Congress for higher taxes on the wealthy, strong support in public opinion polls, increasing numbers of the wealthy supporting higher taxes on themselves, and economic research showing that the economic cost of higher taxes on the rich is minimal. Although it will not happen soon, it is inevitable that taxes on the wealthy will rise in the future.

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1. New IRS tax data for 2011 (summarized here by The Tax Foundation) reveal that:

a. The top 1% of US taxpayers paid a greater share of all federal income taxes in 2011 (35.1%) than the entire bottom 90% (31.7%). By number of taxpayers, that means that the 1,366,000 taxpayers in the top 1% group paid more in federal income taxes in 2011 than the 123,000,000 taxpayers in the bottom 90%.

b. The top 1/10 of 1% of US taxpayers (only 137,000 tax filers) paid a greater share of total federal income taxes paid in 2011 (16.14%) than the entire bottom 75% of taxpayers (102.4 million), who paid only 14.4% of all income taxes.

Curtesy of AEI blog Carpe Diem

Posted by: Kevin Carmichael, Naples Florida | Dec 21, 2013 6:57:03 AM