Tax Burden of Top 1% Now Exceeds That of Bottom 95%
To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.
Additionally,
Some in Washington say the tax system is still not progressive enough. However, the recent IRS data bolsters the findings of an OECD study released last year showing that the U.S.—not France or Sweden—has the most progressive income tax system among OECD nations. We rely more heavily on the top 10 percent of taxpayers than does any nation and our poor people have the lowest tax burden of those in any nation.
And those numbers don’t even begin to include the upcoming healthcare taxes.
By the way, U.S. States Lead the World in High Corporate Taxes, among them New Jersey, which has a combined federal and state corporate tax rate of 41.1%.
You also need to show income chart. Others will say that the difference is because they make that much more than the other 95%.
The wealthy pay the vast majority of federal income taxes, but with almost every other tax they pay a smaller percentage. Social security, medicaid, sales taxes, state income taxes, and property taxes are examples of government taxes that are less progressive or even regressive. Some government revenue streams fall very heavily on the poor: cigarette taxes, liquor taxes, lottery tickets are paid disproportionately by the poor. I’d like to see a chart that combined all taxes and showed the burden on income groups.