Beyond the Headlines: The rich pay the majority of the taxes. Of course they have the majority of the money too, but they pay a higher percentage of the tax than they have of the money. The facts:
- 14% of tax returns have adjusted gross income of $100,000 or more. Those 14% earn 57% of the total taxable income and pay 69% of all personal income tax collected.
- 0.3% of tax returns have adjusted gross income of over $1 Million. Those 0.3% earn 18% of all taxable income and pay 25% of all personal income tax collected.
In other words, less than half of 1% of the people pay 25% of all the income taxes and have 18% of the taxable income.
Source (2005 IRS data)
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