The IRS has just released their latest statistics on the year of 2012. The top 1% paid 38.1% of all income taxes, up from 35.1% the previous year. Their share of total personal income increased to 21.9% of all income. Their adjusted gross income (AGI) started at $434,682.
The top 5% received 36.8% of all income and paid 58.9% of all income taxes. Their AGI was at least $175,817.
The bottom 50% paid only 2.8% of income taxes but did pay the overwhelming share of Social Security taxes.
The Republican position is that it is not fair to make 1% pay 38% of income taxes, even if they pay a much smaller percentage of total taxes. The Democratic position is that it is not fair that Social Security taxes stop at $118,500. My position is that it is not fair to describe anything with the “dog-whistle” word of . . . fair.