US 2009 federal deficit surges to $1.42 trillion
Acoording to IRS data for 2007 (the latest data available), the top 1% of all taxpayers paid 40.4% of the taxes. The top 5% of taxpayers paid 60.6% of the federal income taxes. To be in the top 5% of all taxpayers only required an adjusted gross income level of $160,000. On the other end of the scale, the bottom 50% of all taxpayers only accounted for 2.9% of the federal income taxes paid in 2007. Yes, one half of all US taxpayers only contributed 2.9% of the federal income taxes paid to the US Treasury.
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