Tax data, top 1 percent and all that
Is this right?
Granted this looks at income taxes only. But it's still remarkable in light of the conventional wisdom on the topic.DEPARTMENT OF THE TREASURY
Office of Public AffairsMarch 2, 2005FACT SHEET:
Who Pays the Most Individual Income Taxes?
...The President’s tax cuts have shifted a larger share of the individual income taxes paid to higher income taxpayers. [Emphasis mine.] In 2005, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.
- The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.
- The share of taxes paid by the top 1 percent of taxpayers will rise from 32.3 percent to 33.7 percent.
- The average tax rate for the bottom 50 percent of taxpayers falls by 27 percent as compared to a 13 percent decline for taxpayers in the top 1 percent.