CBO: The wealthly pay 70 percent of taxes

Washington Times ^ | 7/10/2012 | Stephan Dinan

[markomalley]

Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office — though the agency said the very richest have seen their share of taxes fall the last few years.

CBO looked at 2007 through 2009 and found the bottom 20 percent of American earners paid just three-tenths of a percent of the total tax burden, while the richest 20 percent paid 67.9 percent of taxes.

The top 1 percent, who President Obama has made a target during the presidential campaign, earns 13.4 percent of all pre-tax income, but paid 22.3 percent of taxes in 2009, CBO said. But that share was down 4.4 percentage points from 2007, CBO said in a finding likely to bolster Mr. Obama’s calls for them to pay more by letting the Bush-era tax cuts expire.

The big losers over the last few years were the rest of the well-off, especially those in the top fifth, who saw their tax burdens go up.

[Lady Lucky]

Unless you’re a prosecutor or a judge and I’m pretty sure you’re not a judge.

[RC one]

They’ll send themselves to prison once they’re deprived of the tax payer dollars. Given the number of concealed carry permits being issued and the dramatic increase in firearm sales in the various states, they’ll be lucky if they make it to prison.

[usconservative]

While true, I don’t think most of the middle class is too concerned about how overtaxed the rich are. A good many want them to pay even more.

I'm hardly rich, and I paid a combined $57,962 in Federal and State taxes last year. I don't want the rich to pay more, I want us ALL to pay less! Starve the beast folks, all they do is eat more and more of our hard-earned money, and the rotten bastards think WE work for THEM.

This government of ours is so corrupt it's time to clean house of each and every one of 'em and start over. The founding fathers revolted over far less than each one of us puts up with on a daily basis.

As for me, I'm sick of supporting the MOOCHERS. If the Republican Party doesn't win the White House, Senate and overturn Obama-Care and get fundamental tax reform in place, I'm quitting my job Dec 31st, 2013 (the day before Obamacare kicks in) and I plan on being a burden to the bastards. I've had enough.

[Fedora]

Thanks, you two saved me hours of research, I was just about to start hunting for this very data :-)