I thought I would share another post from TaxProf blog. This one is on who pays taxes in America. Much pandering is being done in the media that the rich do not pay “their fair share”, so the Citizens for Tax Justice did a study based on filings of 2011 income to see if this was true.

Based on the article, the top 1% of income earners pay 21.6% of all individual income taxes in the United States. The next 4% pay an additional 15.5% of individual income taxes collected. So, 5% of the United States population pays 37.1% of individual income taxes collected by the government. If you make it the top 10%, then the amount collected is 48.1%, or nearly half of taxes from 10% of the population.

In contrast, according to the study, the bottom 40% only pays 7.4% of the individual income taxes in the country.
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This study also shows the effective marginal rate (taxes as a % of income), which isn’t often discussed. If the country wants to look at fixing the tax code, it should look at this disparity and make the effective rates for everyone even. The complexity of the tax code is good for the tax planning business, but it significantly hurts others.

You can see the full article here: http://ctj.org/ctjreports/2012/04/who_pays_taxes_in_america.php