Industrial Insight

The rich pay most of the taxes… | July 23, 2012

http://mjperry.blogspot.com/2012/07/the-top-20-paid-94-of-income-taxes-in.html

CARPE DIEM

Professor Mark J. Perry’s Blog for Economics and Finance

Wednesday, July 18, 2012

The Top 20% Paid 94.1% of Income Taxes in 2009

The chart above is based on data in the recently-released CBO report “Distribution of Household Income and Federal Taxes, 2008 and 2009,” showing the share of federal income taxes paid by income group in 2009. In 2009, almost all (94.1%) federal income taxes collected were paid by just one-fifth of Americans (top quintile) and the top 1% paid almost 39% of all taxes collected. In contrast, the lowest and second quintiles were net “tax collectors” because that 40% of Americans received more in refundable tax credits than they paid in income taxes.

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