Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
An interesting chart provided via Dylan Matthews of the WaPo on the U.S. tax code. While it is often said the top X% pay Y% of taxes what is missing is what % that X% generates in income. As stated in the story the if the top 10% pay 70.6% of taxes but earn 70.6% in income than there is no progressiveness at all in the code. One also needs to account for payroll, state, and local taxes which are less progressive than federal taxes. They have it all in a handy chart and an interesting conclusion – all in, taxes are pretty fair across the board versus share of national income, no matter where a person falls in the income strata.
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