8:46 am April 17, 2012, by David Markiewicz
The tax day deadline is upon us, and naturally conversation drifts to how much we’re paying and whether it’s too much. Also, who’s not paying their fair share.
Here are some interesting data points to consider in the eternal debate, courtesy of MarketWatch:
– Some 46 percent of taxpayers won’t owe any federal income tax in 2011, said the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution.
– The top 20 percent of income earners paid 70 percent of federal taxes in 2007, according to the Congressional Budget Office. That group also had 60 percent of total pretax income.
– In 2011, federal corporate income taxes consumed an estimated 7.7 percent of income for the top 1 percent of income earners, compared to a 0.4 percent hit to taxpayers in the lowest one-fifth of income, the Tax Policy Center said.
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