The top five percent of income earners pay 57 percent of federal income taxes while they earn 34 percent of total adjusted gross income. The effective tax rate for this group is 21 percent.
The bottom half of income earners pay only three percent of federal income taxes while they earn 12 percent of total adjusted gross income. The effective tax rate for this group is three percent.
Over the last five years, the top five percent has paid, on average, 59 percent of federal income taxes. This is over a third higher than the 1987-1991 average of 44 percent.
Do the rich really not pay their fair share?
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Publication Date:
Thursday, January 23, 2014
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01/23/2014
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