[Vision2020] Who pays US income tax?

Andreas Schou ophite at gmail.com
Tue Dec 28 15:41:54 PST 2010


This misleading, and Jeff knows it.  The top 1% of taxpayers control
34.6% of American wealth while paying 33.7% of the taxes. And while
they do pay the top marginal rate on income over $250,000, they pay
the 15% capital gains rate on the majority of their income.

-- ACS

On Mon, Dec 27, 2010 at 11:35 PM, Jeff Harkins <jeffh at moscow.com> wrote:
> 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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