Stevie Ray Vaughan Called; He Wants His Social Security Back

by John Glynn on August 10, 2009

According to The Tax Foundation for 2007 (most recent data):

  • the top 1% of tax filers paid 40.4% of all Federal taxes (up from 39.9%)
  • the top 1% of tax filers made 22.8% of total reported adjusted gross income
  • $410,100 income required to be considered top 1%
  • top 5% paid 60.6% of all Federal taxes on 37.4% of adjusted gross income
  • $160,000 income required to be considered top 5%
  • top 10% paid 71.2% on 48% of all income
  • $113,000 to be in the top 10%
  • bottom 50% of all filers paid 2.9% of the total income tax bill

Previous post:

Next post: