The IRS has released data on 2007 income taxes, and, among other interesting pieces of information:
In 2007, the top 1 percent of tax returns paid 40.4 percent of all federal individual income taxes and earned 22.8 percent of adjusted gross income. Both of those figures—share of income and share of taxes paid—are significantly higher than they were in 2004 when the top 1 percent earned 19 percent of adjusted gross income (AGI) and paid 36.9 percent of federal individual income taxes.
I provide the link to the Tax Foundation's take on the figures neither to be an apologist for privelege nor to heighten the anxieties of those who lose sleep over the growing wealth gap between the evil rich and the starving masses. Rather, it is a reminder that even the fattest goose can lay only so many golden eggs. It is not just "the rich" who will pay for government's ever-growing appetites, but all of us.
Comments
Seems like the increased tax burden isn't discouraging the top 1% from continuing to seek increased wealth. (One of the arguments sometimes used against increased taxes is that it will discourage effort.)
And, of course, federal income taxes are just one part of the tax pie. Payroll taxes and sales taxes come immediately to mind.
Oh, I do apologize. Despite my best intentions, I seem to have heightened your anxiety.