Wednesday, July 28, 2004
Do the Rich Pay Their Fair Share?
If you listened to some at the Democratic convention, you may be under the impression that the richest Americans barely pay anything in taxes. So is this true?
Here is the IRS data from 2001: Excel File
In 2001 the top 1% grossed 17.53% of all of the nations income. They paid 33.89% of the federal tax bill.
Fair would be 17.53% of the total tax bill btw. That is if we interested in absolute fairness.
If you listened to some at the Democratic convention, you may be under the impression that the richest Americans barely pay anything in taxes. So is this true?
Here is the IRS data from 2001: Excel File
In 2001 the top 1% grossed 17.53% of all of the nations income. They paid 33.89% of the federal tax bill.
Fair would be 17.53% of the total tax bill btw. That is if we interested in absolute fairness.
