Liberals always talk about raising taxes on the rich, whining that they have to pay their fair share. If they were honest they would admit that it’s the poor who don’t pay their fair share. Many poor Americans don’t pay any income tax while receiving tax “rebates”. (More on that later.) Here’s more proof that wealthy Americans pay far more than their fair share.
Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the “rich” are not paying their fair share of taxes and disproportionately benefited from the Bush tax cuts.
Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.
Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. In 2007, the bottom 95 percent paid 39.4 percent of the income tax burden. This is down from the 58 percent of the total income tax burden they paid twenty years ago.
To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.
Could our tax system be any more progressive for the progressives? Ours is the most progressive tax system in the free world. They won’t be happy until they’re taking all of the wealth in the United States. And once they do that, what will be left for investment and job creation?
[...] A reader sent me the following e-mail. I thought you would all find it interesting. Again, I ask, who isn’t paying their fair share of taxes in America? [...]
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