If you listen to America's political hacks, mainstream media talking heads and their socialist allies, you can't help but reach the conclusion that the nation's tax burden is borne by the poor and middle class while the rich get off scot-free.
Stephen Moore, senior economics writer for the Wall Street Journal (and, I'm proud to say, former George Mason University economics student) wrote "The U.S. Tax System: Who Really Pays?" in the Manhattan Institute's Issues 2012. Let's see whether the rich are paying their "fair" share.
According to 2007 Internal Revenue Service data, the richest 1 percent of Americans earned 22 percent of national personal income but paid 40 percent of all personal income taxes. The top 5 percent earned 37 percent and paid 61 percent of personal income tax. The top 10 percent earned 48 percent and paid 71 percent of all personal income taxes. The bottom 50 percent earned 12 percent of personal income but paid just 3 percent of income tax revenues.
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