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Middle Class–Not the Rich or the Poor–Pay Majority of Federal Taxes, Says CBO Data
Posted By admin On June 21, 2010 @ 3:49 am In U.S. News | Comments Disabled
Terence P. Jeffrey
CNS News 
June 21, 2010
Middle-class Americans–not the rich or the poor–pay the majority of annual tax revenues taken in by the federal government, according to data released in a new Congressional Budget Office study. Households earning less than $34,300 per year, meanwhile, actually pay a negative average federal income tax rate.
Middle-class households that earned between $34,300 and $141,900 paid 50.5 percent of all federal tax revenues in 2007 (the most recent year analyzed), according to the CBO study  released Thursday, and households that earned between $34,300 and $352,900 paid 66.7 percent of all federal taxes.
Households in the top 1 percent for annual income (those earning more than $352,900) paid a healthy 28.1 percent of all federal taxes, but households in the lower income brackets paid relatively little. Those earning less than $34,300 paid only 5.2 percent of all federal taxes, and those earning less than $20,500 carried almost none of the federal tax burden (just 0.8 percent of the total) in 2007.
The average overall federal tax rate (including income, Social Security, Medicare, excise and other taxes) for all American households was 20.4 percent in 2007. But the average rate rose dramatically as household income rose. Households earning less than $34,300 paid an average overall federal tax rate of 10.6 percent, while households earning more than $74,700 paid an average overall federal tax rate of almost two and half times that much–25.1 percent.
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URLs in this post:
 CNS News: http://www.cnsnews.com/news/article/68094
 CBO study: http://www.cbo.gov/publications/collections/tax/2010/AverageFedTaxRates2007.pdf
 Image: http://purewaterfreedom.com/
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