Senate Finance Committee Chairman Max Baucus has released a detailed proposal for international corporate tax reform, which we summarized earlier this week. While there are some improvements to current law, the proposal...
- The Tax Policy Blog
- Top One Percent Pays Twice Income Tax Rate of All Taxpayers
Top One Percent Pays Twice Income Tax Rate of All Taxpayers
Despite conventional wisdom that the Bush-era tax cuts disproportionately benefited the wealthy, the reality is that the tax burden on the bottom 99 percent has been falling for more than two decades. Indeed, the average tax rate for the bottom 99 percent of taxpayers is now below 10 percent—well below the average for all taxpayers—thanks to years of targeted tax cuts aimed at the middle class. Meanwhile, the top 1 percent of taxpayers still pays an effective tax rate that is roughly twice the average for all taxpayers.
For more charts like the one below, see the second edition of our chart book, Putting a Face on America's Tax Returns.
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