A Word from the BPE

The Tax Foundation presents some very interesting data regarding the share of the total tax burden. Here is the relevant material.

"IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act. Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined."

Here is the full link: http://www.taxfoundation.org/blog/show/24944.html

That truly is remarkable. The top 1 percent pay more in taxes than the bottom 95 percent COMBINED. President Obama, Speaker Pelosi, et al: don't let facts get in the way of your arguments.

Hat tip to Greg Mankiw.

The BPE . . . out.