Friday, November 1, 2013

Taxpayers In The Top One Percent Pay 2X The Income Tax Rate Of All Taxpayers

From Tax Foundation, "Top One Percent Pays Twice Income Tax Rate of All Taxpayers" by Andrew Lundeen and Scott A. Hodge:
Despite conventional wisdom that the Bush-era tax cuts disproportionately benefited the wealthy, the reality is that the tax burden on the bottom 99 percent has been falling for more than two decades. Indeed, the average tax rate for the bottom 99 percent of taxpayers is now below 10 percent—well below the average for all taxpayers—thanks to years of targeted tax cuts aimed at the middle class. Meanwhile, the top 1 percent of taxpayers still pays an effective tax rate that is roughly twice the average for all taxpayers.
Source: Tax Foundation

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