The Rich Pay Their Share (And More)

This month the Tax Foundation released its annual analysis of federal income taxes, based on data from the Internal Revenue Service. The findings show that in 2011, the top five percent of income earners paid a majority (57 percent) of federal income taxes. 

As the graphic below shows, the top half of income earners paid 97 percent of all federal income taxes. Those in the bottom half paid three percent.

The top 1 percent of income earners accounts for 19 percent of adjusted gross income, and pay 35 percent of all federal income taxes.

Other Tax Foundation data show that families in the upper quintile of income earners receive 29 cents back through government spending for every dollar they pay to federal, state, and local taxes. Those in the bottom quintile receive $5.28 in government spending for each tax dollar they pay and those in the top one percent receive 6 cents.

Despite these data, accusations that the rich are not paying their fair share continue. While this rhetoric may work as a populist rallying cry, the data show a central tenet of the political left’s platform is simply incorrect.