In response to “Who Rules America?” , I don’t think it paints the full picture by discussing Wealth and Income without discussing Taxes paid. Top income earners do hold much of the wealth in America, but they also pay most of the taxes.
Being wealthy, rich, and successful should not be demonized. It IS after all the American Dream, isn’t it? After all it is our right to “Life, liberty, and the pursuit of happiness” that makes us a great country.
Summary of Federal Individual Income Tax Data, 2006
(Updated July 2008)
| Number of Returns with Positive AGI | AGI ($ millions) | Income Taxes Paid ($ millions) | Group’s Share of Total AGI | Group’s Share of Income Taxes | Income Split Point | Average Tax Rate | |
| All Taxpayers | 135,719,160 | $8,122,040 | $1,023,739 | 100% | 100% | - | 12.60% |
| Top 1% | 1,357,192 | $1,791,886 | $408,369 | 22.06% | 39.89% | > $388,806 | 22.79% |
| Top 2-5% | 5,428,766 | $1,185,828 | $207,311 | 14.60% | 20.25% |
|
17.48% |
| Top 5% | 6,785,958 | $2,977,714 | $615,680 | 36.66% | 60.14% | > $153,542 | 20.68% |
| Top 6-10% | 6,785,958 | $865,430 | $109,060 | 10.66% | 10.65% |
|
12.60% |
| Top 10% | 13,571,916 | $3,843,144 | $724,740 | 47.32% | 70.79% |
> $108,904
|
18.86% |
| Top 11-25% | 20,357,874 | $1,692,686 | $158,413 | 20.84% | 15.47% | 9.36% | |
| Top 25% | 33,929,790 | $5,535,830 | $883,153 | 68.16% | 86.27% | > $64,702 | 15.95% |
| Top 26-50% | 33,929,790 | $1,569,769 | $110,023 | 19.33% | 10.75% |
|
7.01% |
| Top 50% | 67,859,580 | $7,105,599 | $993,176 | 87.49% | 97.01% | > $31,987 | 13.98% |
| Bottom 50% | 67,859,580 | $1,016,441 | $30,563 | 12.51% | 2.99% | < $31,987 | 3.01% |
Source: Internal Revenue Service, http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html (“Individual Income Tax Returns with Positive Adjusted Gross Income (AGI) Returns Classified by Tax Percentile – Early Release”)
