Wednesday, May 13, 2009

Income Tax Percentages

"The latest Congressional Budget Office figures show that the top 1 percent of income earners in the United States paid 39 percent of federal income taxes while earning 18 percent of pretax income and the top 5 percent of income earners paid 61 percent of federal income taxes while earning 31 percent of pretax income. Indeed, the tope 40 percent of income earners paid 99.4 percent of federal income taxes. The bottom 40 percent of income earners paid no federal income tax and received 3.8 percent from the tax system(!). And the middle 20 percent of income earners pay only 4.4 percent of federal income taxes."{Congressional Budget Office, "Historical Effective Federal Tax Rates: 1979-2005; Summary Table 1, Effective Tax Rates, 2004 and 2005," Dec. 2007, http://www.cbo.gov/ftpdocs/88xx/doc8885/EffectiveTaxRates.shtml#1011537
Mark R. Levin, Liberty and Tyranny

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