Top 10 Percent in USA Pay 68 Percent of Taxes

March 19, 2015 Taxation in USA

WASHINGTON D.C. – Despite often repeated claims that the rich do not pay enough taxes, new research shows that the wealthiest taxpayers in the USA pay more than half of all federal income taxes.

In a report released earlier this week the US based non-government organization the Heritage Foundation showed that the wealthiest taxpayers in the US pay a large majority of all federal income taxes collected in the country.

Over the course of 2011 taxpayers earning the top 10 percent of incomes paid out 68 percent of all federal income taxes collected for the year, even though they earned only 45 percent of all incomes during the same time period.

Further, the top 1 percent of earners, who account for 19 percent of all incomes earned, paid 35 percent of the federal income tax revenues for the year.

However, the bottom 50 percent of earners only paid 3 percent of all federal income taxes collected, while earning 12 percent of all incomes.

It was also noted in the report that if government transfers are taken into account, only the top 20 percent of earners ended up paying any net taxes.

The report has already received support from some taxation experts who claim that the new information shows that the country’s richest taxpayers pay a significant portion of taxes, despite common claims that they need to “pay their fair share”.

Photo By: Ervins Strauhmanis