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CBO: The rich pay an outsized share of taxes

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Published on: July 10, 2012

 

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 past few years.

CBO looked at 2007 through 2009 — the latest years data are available,    but enough to include the early effects of the last recession — and    found the bottom 20 percent of American earners paid just three-tenths    of a percent of the total federal tax burden, while the richest 20 percent paid    67.9 percent of taxes.

The top 1 percent, whom President  Obama  has made a target during the  presidential campaign, earned 13.4  percent  of all pre-tax income but  paid 22.3 percent of taxes in 2009,  CBO  said. When tax burden is figured  in, the top 1 percent took in only  11.5  percent of income.

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