Tuesday, March 3, 2015

Who Pays Taxes?

Instapundit links to TaxProfBlog which reports the following data gathered by the Joint Committee on Taxation of the U.S. Congress:
For 2015, the top 10 percent (in terms of income) of all tax returns receive 45 percent of all income and pay 82 percent of all income taxes. The top five percent of all tax returns receive 34 percent of all income and pay 71 percent of all income taxes. The top one percent of all tax returns receives 19 percent of all income and pay 49 percent of all income taxes.
Summarizing, the top 1% of earners cough up essentially half of all income tax revenues collected by the Internal Revenue Service. Clearly the wealthy pay much more than their fair share of the cost of government. Many in the bottom quartile pay no income tax whatsoever, aka much less than their fair share.