Bottom Two-Thirds Of Federal Income Taxpayers' Share Of Taxes ...

Posted by Milton Recht:
From The Wall Street Journal, "Peter Schiff: The Fantasy of a 91% Top Income Tax Rate: A liberal article of faith that confiscatory taxes fed the postwar boom turns out to be an Edsel of an economic idea." by Peter Schiff:

In 1958, approximately two million filers (4.4% of all taxpayers) earned the $12,000 or more for married couples needed to face marginal rates as high as 30%. These Americans paid about 35% of all income taxes. And now? In 2010, 3.9 million taxpayers (2.75% of all taxpayers) were subjected to rates that were 33% or higher. These Americans?many of whom would hardly call themselves wealthy?reported an adjusted gross income of $209,000 or higher, and they paid 49.7% of all income taxes.

In contrast, the share of taxes paid by the bottom two-thirds of taxpayers has fallen dramatically over the same period. In 1958, these Americans accounted for 41.3% of adjusted gross income and paid 29% of all federal taxes. By 2010, their share of adjusted gross income had fallen to 22.5%. But their share of taxes paid fell far more dramatically?to 6.7%. The 77% decline represents the single biggest difference in the way the tax burden is shared in this country since the late 1950s.

Source: http://misunderstoodfinance.blogspot.com/2012/12/bottom-two-thirds-of-federal-income.html

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