Friday, April 10, 2009

Who Pays Our Taxes?

It is important to remember (or be reminded) who actually shoulders the lions share of the tax burden in this country. This editorial does a nice job:
In 2006, the top 20 percent of earners paid 70 percent of all federal taxes. On average, they paid 26 percent of their income to the government. The very richest -- the top 1 percent of taxpayers, with household incomes of over $332,000 -- paid 28 percent of all taxes, with an effective tax rate of 31 percent. The middle three quintiles paid rates of 10, 14 and 18 percent. The lowest 20 percent of households paid only 0.8 percent of all federal taxes -- and the bottom 90 percent of households paid only 45 percent.
Emphasis added. You have 10% of the country shouldering 55% of the tax burden. The "tax the rich" mantra is already stretched too thin.

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