Won’t stop the Hope and Change class warfare train from barreling into November.
(Washington Times) — 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.
In terms of actual earnings, the top 1 percent suffered the most in the recession, with their average earnings dropping from $1.9 million to $1.2 million. The lowest 20 percent saw their incomes drop from $23,900 to $23,500 during that time.