Washington Times ^ | 7/10/2012 | Stephan Dinan
Posted on Wednesday, July 11, 2012 6:33:01 AM by markomalley
Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office — though the agency said the very richest have seen their share of taxes fall the last few years.
CBO looked at 2007 through 2009 and found the bottom 20 percent of American earners paid just three-tenths of a percent of the total tax burden, while the richest 20 percent paid 67.9 percent of taxes.
The top 1 percent, who President Obama has made a target during the presidential campaign, earns 13.4 percent of all pre-tax income, but paid 22.3 percent of taxes in 2009, CBO said. But that share was down 4.4 percentage points from 2007, CBO said in a finding likely to bolster Mr. Obama’s calls for them to pay more by letting the Bush-era tax cuts expire.
The big losers over the last few years were the rest of the well-off, especially those in the top fifth, who saw their tax burdens go up.
(Excerpt) Read more at washingtontimes.com ...
The numbers reported in the Times are for total tax liabilities. Income tax is a whole lot more dramatic:
In regards to income tax, the bottom 20% of income earners earn 5.1% of the money earned in the country. The bottom 60% (the lower three quintiles) earn 29.6% of the money earned in the country. The top 20% earn 50.8% of the income earned in the country and the top 1% earn 13.4% of the income in the country. On the other hand, the lowest quintile (bottom 20%), cumulatively, contributed -6.6% (a NEGATIVE 6.6%) of all the revenue collected by individual income tax. The lowest 60% (the lowest three quintiles), cumulatively, contributed -7.4% (a NEGATIVE 7.4%) of all the revenue collected by individual income tax. The top quintile (the top 20%), cumulatively, contributed 94.1% of all the revenue collected by individual income tax. The top 1%, cumulatively, contributed 38.7%.
What could be unfair about that? Sounds like it's time to soak the rich more. (/sarc)