Commentary

Special Thanks to the Top 40 Percent of Taxpayers

From Kurt Brouwer at Fundmastery Blog:

here is a chart using data from the Congressional Budget Office to show the percentage of all Federal taxes (individual income taxes, payroll taxes, excise taxes, corporate income taxes) being paid by different income groups. It shows that higher income folks, many of them far from being rich, have been paying a greater and greater share of all Federal taxes over the past 30 years.

Clusterstock

Source: Clusterstock

The top 40% of income earners are paying about 86% of all Federal taxes and that percentage is going up, not down. If you want to peruse the Congressional Budget Office data on which this chart is based, you can go here to the liberal Tax Policy Center table that shows all the CBO’s data. The latest data is from 2006.

Read the whole post here.

Anthony Randazzo

Anthony Randazzo is a senior fellow at Reason Foundation, a nonprofit think tank advancing free minds and free markets.