Every Democrat running for President wants to raise taxes on "the rich," but they will have to do something miraculous to outtax President Bush. Based on the latest available tax data, no Administration in modern history has done more to pry tax revenue from the wealthy.
Last week the Congressional Budget Office joined the IRS in releasing tax numbers for 2005, and part of the news is that the richest 1% paid about 39% of all income taxes that year. The richest 5% paid a tad less than 60%, and the richest 10% paid 70%. These tax shares are all up substantially since 1990, and
even somewhat since 2000. Meanwhile, Americans with an income below the median -- half of all households -- paid a mere 3% of all income taxes in 2005. ...
...In 1980, when the top income tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate of 35%, they pay more than double that share. ...
Tuesday, December 18, 2007
The Wealthiest 1%
UPDATE 7/21/08: The Wealthiest 1% Again
Great article! All liberals in need of an economics lesson (wow, that's redundant!) should read it:
WSJ Taxes and Income