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May 22, 2012 02:18 PM
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Top 1% pays more taxes than bottom 95%
New data Released by the IRS has just shown that the top 1% income earners pays more in tax than the bottom 95% combined.
An analysis of IRS data by the Tax Foundation shows that the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government, the highest percentage in modern history. While the bottom 95 percent paid 39.4 percent of the income tax burden.
The tax foundation rightly notes that putting this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.
Of course, this isn't even taking into account President Obama's plan to increase the top marginal tax rate to almost 60%.
Inequality indeed.
(H/T United Liberty)
