Latest Federal Individual Income Tax Data
The non-partisan Tax Foundation published a new report last month which every American taxpayer should read (Fiscal Fact 285, October 20, 2011). It provides a summary of Internal Revenue Service individual income tax data for calendar year 2009. Here is just a small portion of the report presenting federal individual income tax data written by Tax Foundation economist David Logan:
“Each year from 2005 to 2007, the top 1 percent's constantly growing share of income earned and taxes paid set a record. The 2008 reversal of this trend continued in 2009. In fact, the income share for the top 1 percent of tax returns was lower in 2009 than in 2000, largely due to differences in capital gains.
“Another indicator of this reversal in the income and tax shares of the top 1 percent is that, as in 2008, the top 1 percent no longer pays a larger percentage of total income tax than the bottom 95 percent. This trend was exacerbated by the aforementioned precipitous drop in AGI in 2009. During 2009, the bottom 95 percent (AGI under $154,643) paid 41.3 percent of the total collected, a larger share than the 36.7 percent paid by the top 1 percent (AGI over $343,947).”
There is also a large amount of data presented in tables, but you may want to print out Table 1 so you can keep it nearby for whenever liberal politicians start yapping about “the rich” not paying their “fair share.”
Another great report from the Tax Foundation!