Despite what you might be hearing from the political campaigns, the rich are paying more taxes under the Bush tax cuts and the poor are paying less. Here are the latest stats:
Taxpayers in the top 5% paid 60% of all individual income taxes (they account for 36% of all income)
Bottom half of taxpayers tax share is expected to fall from 3.1% from 3.4%
Top half expected to climb to 39.1% from 38.4%
Tax receipts as a percentage of GDP have GROWN from 16.3% in 2004 to 18.8% last year.
Interesting facts to consider.
Scott Dauenhauer, CFP, MSFP, AIF