The top 1 percent of earners’ pre-tax income dropped 36 percent between 2007 and 2009, while the four lowest quintiles saw a loss of only about 5 percent, according to the Congressional Budget Office. During those years, the average pre-tax income for all earners dropped.
The top 20 percent of earners — the top quintile — bore 67.9 percent of the federal tax burden in 2009. The middle quintile paid 9.4 percent, while the lowest paid .03 percent of the federal tax burden.
As the CBO study points out, average tax rates depend both on tax laws and economic conditions. The average federal tax rate was 17.4 percent in 2009 — the lowest since 1979, when the United States was also in a recession.
Earlier this week, the Congressional Budget Office reported a federal spending deficit of $900 billion for fiscal year 2011.
(Excerpt) Read more at dailycaller.com ...
