Top 40%
- Wealth as a percent of the nation's total wealth(2007): 97.7%
- Percent of federal burden (2007): 85.4%
Why is their federal burden lower than their share of the nation's wealth? Why are the middle class and poor paying disproportionately more? Is that a FAIR tax code? Not only are they contributing disproportionately less, their tax rates have gone down. In 1979, the rate for anyone making above 200,000 was 70%. Today, the the highest tax bracket only pays 35%. The rich now pay 50% less of what they did 30 years ago. Someone making the average wage in 2007 pays only 3% less than one they paid in 1979 (18% to 15%). That is only a drop on 15% compared to the drop of 50% for the rich. Even though the tax rate of the rich is HALF of what is was in 1979, raising their tax rates at all would be "unfair".
Sources: http://www.levyinstitute.org/pubs/wp_589.pdf
http://www.cbo.gov/publications/collections/tax/2010/tax_liability_shares.pdf
http://www.ssa.gov/oact/cola/AWI.html
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