December 14, 2007
Clarifying Misconceptions about Tax Progressivity
For more information, contact: Bill Ahern at (202) 464-5101.
Debates over tax policy often contain misleading—or simply false—claims about who pays how much in taxes. The Tax Foundation has published a new Fiscal Fact in response to some recent rhetoric from public figures claiming the rich don't pay their fair share.
Many people simply don't realize that the wealthy already shoulder a disproportionately large share of the tax burden. For example, in 2003, the wealthiest 1 percent of taxpayers paid over 20 percent of the federal taxes despite earning just 14 percent of the nation's income.
Read the new Tax Foundation Fiscal Fact, "Buffett's Facts Are Wrong: Top 1% Now Paying Record Level of Taxes." Click here for more on how much tax various income groups pay.