According to the IRS, here's how taxes were paid in 2003:
What | Tax Returns | Adjusted Gross Income | Taxes Paid | |||
How | Number | % of Total | Million $ | %of Total | Million $ | %of Total |
1 | 64,304,893 | 50.00% | 879,735 | 13.99% | 25,912 | 3.46% |
2 | 96,457,340 | 75.00% | 2,209,359 | 35.14% | 120,564 | 16.12% |
3 | 115,748,807 | 90.00% | 3,624,117 | 57.64% | 255,486 | 34.16% |
4 | 122,179,297 | 95.00% | 4,326,911 | 68.82% | 341,341 | 45.64% |
5 | 127,323,688 | 99.00% | 5,233,019 | 83.23% | 491,597 | 65.73% |
Total | 128,609,786 | 100.00% | 6,287,586 | 100.00% | 747,932 | 100.00% |
Notice that the top 1% paid 256,335 million dollars taxes on 1,054,567 million dollars of income, or 24% of their income, about three times as much as any other bracket. Also note that the part of the total tax paid by the rich was 34.27%. The top 5% paid 54.36% of the total tax bill. So 95% of all tax payers combined paid less in taxes than the top 5%. Who says the rich get all the tax breaks?
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