John Torinus reminds us that those evil 1%ers are paying for a lot of the other 99%’s lust for big government.
• The 1% pays about nearly half of federal incomes taxes, while the bottom 60% pays about 2%. That 1% percentage has risen under President Obama by about six points.
• The 1% pays about 28% of all federal taxes, including payroll taxes.
• The 1% takes in about 16.5% of all income.
• The 1% pays an average tax rate for all income of about 20%.
Note that the lower level earners have benefited from an explosion of tax credits.
Note that the top 10% pays more than half of all federal taxes and two-thirds of all federal incomer taxes.