Thursday, October 31, 2013

US Income Tax Is More Progressive Than 25 Years Ago

From Tax Foundation, "The Income Tax Code Is More Progressive than It Was 20 Years Ago" by Andrew Lundeen and Scott A. Hodge:
The top 1 percent of taxpayers pay a greater share of the income tax burden than the bottom 90 percent combined, which totals more than 120 million taxpayers. In 2010, the top 1 percent of taxpayers—which totals roughly 1.4 million taxpayers—paid about 37 percent of all income taxes. This is a big jump from 1985, when the top 1 percent paid a quarter of all income taxes. Indeed, the income tax burden on the bottom 90 percent has dropped by one-third since 1985.

Source: Tax Foundation

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