The Tax Foundation has a good post on the subject and a chart, if you're a fan of visuals. From that article:
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.
I've posted on the subject of tax burdens in the past (two relevant posts here and here), but with the plan for funding just about everything in Washington these days being 'tax the rich,' and with this new information from the IRS, I have to wonder: Just how much do liberals want to "tax the rich" in order to make the tax code more fair?
How is it "fair" that 1% of the earners incur more burden than 95% of the rest - combined? We're already giving 'back' to individuals who've paid nothing to begin with - and many in Congress want to increase those amounts.
In 2007, you were 'rich' if your Adjusted Gross Income (AGI) was over $66,532. How's that? Well, because at that AGI, you're in the top 25%. When you're in the top 25% of wage earners, aren't you 'rich'????
Additionally, filers in that percentage paid 87% of the income taxes collected.
Just remember, as the 'rich' are required by federal, state and local governments to pick up more and more of the tax burden, the amount of earnings it takes to be classified as 'rich' decreases.
Where does your income fall? Are you one of the 'rich' who can 'afford' to pay for everyone else?