Bottom Half of Taxpayers' Share Now Less Than 3%
According to the Joint Economic Committee, the share of total federal income taxes paid by the top 1% of tax filers increased to 39.89% in 2006, while the tax share of the top 5% climbed to 60.14%. The income tax share of the top half rose to 97.01%, according to recent Internal Revenue Service (IRS) data (see chart above, click to enlarge). The tax shares are the highest on record for these groups based on comparable IRS data going back to 1986.
"The latest IRS data show that the share of the income tax burden borne by the top half of tax filers continues to rise and now stands at 97.01%," Congressman Jim Saxton said. "The tax shares of the top 1, 5, and 10 percent of taxpayers ranked by income are the highest in many years. The share of the bottom half of tax filers has fallen to a level of 2.99%.