Posted by
Ed Sherrill on Wednesday, July 09, 2008 1:53:10 PM
Power Line gives us some updated numbers on the taxes paid by the rich and those of us who are other than rich. If Obama gets his way and raises tax rates, you can bet the very rich will pay a smaller share of tax revenues and those just above the 50 percentile will pay more.
Since we wrote the Bush tax return article the trend of disproportionate tax payments by high income taxpayers has continued. Stephen Moore previews the most recent data in today's Wall Street Journal: "My contacts at the Treasury Department tell me that for the first time in decades, and perhaps ever, the richest 1% of tax filers will have paid more than 40% of the income tax burden. The top 50% will account for 97% of all federal income taxes, while the bottom 50% will have paid just 3%." Moore's preview does not include the companion income data.