[Vision2020] Who pays US income tax?

[Jeff Harkins]

  Data from the US Treasury Department might surprise some of you:

http://usgovinfo.about.com/od/incometaxandtheirs/a/whopaysmost.htm

Here are some highlights -

# The top 1 percent of taxpayers paid 33.7 percent of all individual 
income taxes in 2002. This group of taxpayers has paid more than 30 
percent of individual income taxes since 1995. Moreover, since 1990 this 
group's tax share has grown faster than their income share.

# Taxpayers who rank in the top 50 percent of taxpayers by income pay 
virtually all individual income taxes. In all years since 1990, 
taxpayers in this group have paid over 94 percent of all individual 
income taxes. In 2000, 2001, and 2002, this group paid over 96 percent 
of the total.

Treasury Department analysts credit President Bush's tax cuts with 
shifting a larger share of the individual income taxes paid to higher 
income taxpayers. In 2005, says the Treasury, when most of the tax cut 
provisions are fully in effect (e.g., lower tax rates, the $1,000 child 
credit, marriage penalty relief), the projected tax share for 
lower-income taxpayers will fall, while the tax share for higher-income 
taxpayers will rise.



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