The Congressional Budget Office released the following figures: 1Historical Effective Tax Rates: 1979-2005. Released December 2007
| % of Population |
Approx Annual Income |
% of Tax Burden Paid |
|---|---|---|
| Top 1% | $1.3 M or more | 38.8% |
| Top 20% | $512 K or more | 86.3% |
| Top 40% | $58 K or more | 99.4% |
| Bottom 60% | Less than $58 K | 0.06% |
| Bottom 40% | Less than $37 K | 0.00% 2Many in the category will get money “back” even though they paid no taxes. |
Of course these figures do not include Social Security and Medicare taxes nor are state income or sales taxes included, all of which (except the income taxes) will skew the figures toward the lower income folks.