The Rich Pay More than Their Fair Share of Federal Income Taxes

Peter Ferrara, The Observer

The latest federal income tax data reported by the IRS show the top 1 percent of income earners pay 39.5 percent of all federal income taxes, nearly twice the 20.6 percent share of national income they earn. The entire bottom 50 percent of all taxpayers pay 2.7 percent of federal income taxes, which is only a small fraction (about one-fourth) of their share of national income. The top 1 percent pay a much bigger share of federal income taxes than the entire bottom 90 percent of income earners, who pay only 29.1 percent of federal income taxes while earning 53 percent of national income........To Read More.....