If you listen to America's political hacks, mainstream media talking heads and their socialist allies, you can't help but reach the conclusion that the nation's tax burden is borne by the poor and middle class while the rich get off scot-free.
Stephen Moore, senior
economics writer for The Wall Street Journal, and I'm proud to say
former GMU economics student, wrote "The U.S. Tax System: Who Really
Pays?" in the Manhattan Institute's Issue 2012 (8/12). Let's see whether
the rich are paying their "fair" share.
According to IRS 2007
data, the richest 1 percent of Americans earned 22 percent of national
personal income but paid 40 percent of all personal income taxes. The
top 5 percent earned 37 percent and paid 61 percent of personal income
tax. The top 10 percent earned 48 percent and paid 71 percent of all
personal income taxes. The bottom 50 percent earned 12 percent of
personal income but paid just 3 percent of income tax revenues.