Taxes -- 5% of the rich paying 50% of the total tax revenue

[Major Kong]

Do the top 5% of the rich pay 50% of the total tax revenue? This seems kind of high to me.

[manhattan]

Cecil Adams on who pays what taxes. His stats are from 1992. The Statistical Abstract is an annual document -- perhaps someone can help the boss out and update the figures?

Oh, and lest anyone be warming up their typing figures, we are not going to debate tax policy here. Fair (and only) warning.

[Omphaloskeptic]

Originally posted by Major Kong
Do the top 5% of the rich pay 50% of the total tax revenue? This seems kind of high to me.

Yes , in the US. (Actually, 50% of the total individual tax revenue. The relevant table is the middle section of Table 2.)

[Cillasi]

Seems more than fair to me -

http://bizetimes.webster.edu/archive...oler1-3-3.html states that:

"The wealthiest 1% of the population hold 22.5% of the personal wealth."

and

"The wealthiest .5% of the population control 17.5% of the personal wealth."

[manhattan]

Originally posted by Cillasi
Seems more than fair to me -

You were composing that while I was posting and didn't preview, yes?

[Ringo]

Houston Chronicle, January 13, 2003
 
            % Share of        Income        Average
Group       Total Taxes     Split Point     Tax Rate
 
Top 1%        37.4            >$313,469        27.4%
Top 5%        56.5            >$128,336        24.4%
Top 10%       67.3             >$92,114        22.3%
Top 25%       84.0             >$55,225        19.1%
Top 50%       96.1             >$27,682        16.9%
Bottom 50%     3.9             <$27,682         4.6%