Saturday, September 10, 2011

'Who pays taxes - and how much?'

The highest earners pay the lion's share of the dollars Uncle Sam collects . .
  • The top fifth of households made 56% of pre-tax income in 2006 but paid 86% of all individual income tax revenue collected, according to the most recent data available from the Congressional Budget Office.
  • The top 1% of households, which made 19% of pre-tax income, paid 39% of all individual income taxes.
  • The top fifth of households paid 69% of all federal taxes and the top 1% paid 28%--if you count income taxes, social insurance taxes, excise taxes and corporate income taxes (such as capital gains) combined.
The Tax Policy Center estimates that for 2009, 43% of tax units (most of which are lower income households that may or may not file a return) will have no income tax liability or will have a negative income tax liability, meaning the government will actually pay them.

FROM: "Who pays taxes - and how much? The federal tax burden varies widely across income groups, but a surprising number owe little if anything in income taxes" by Jeanne Sahadi, April 16, 2009.

No comments: