July 30, 2009
"Top 1% Paid More in Federal Income Taxes Than Bottom 95% in '07"
By Catherine Rampell
The top 1 percent of taxpayers paid 40.42 percent of total federal income taxes in 2007, according to the most recent data from the Internal Revenue Service.
This represents the second year in a row that the richest 1 percent paid more in taxes than the bottom 95 percent (not, however, the bottom 99 percent). This was noted in a blog post from the Tax Foundation, an organization that promotes lower tax rates.