It Was a Tax Hike On The Rich, Not a Tax Cut
WASHINGTON, D.C. -- The share of federal income taxes paid by the top 1% of households ranked by income increased from 36.5% in 2000 to 38.8% in 2005, recent Congressional Budget Office (CBO) data show (see chart above). Their share of total federal taxes increased from 25.5% in 2000 to 27.6% in 2005, the last year for which data are available.
"Under the 2001 and 2003 tax cuts, the data show that the tax shares of the top 1% increased between 2000 and 2005 to historically high levels," ranking member Jim Saxton of the Joint Economic Committee said today. "Despite the contention that the tax cuts would unfairly reduce the tax burden of the rich, their share of taxes has in fact gone up," Saxton concluded.