Tuesday, January 09, 2007

Federal Taxes Highly Progressive

Greg Mankiw demonstrates that federal taxes remain as progressive as ever. Remember that when the Democrats start talking about raising taxes to ensure that the 'rich' pay 'their fair share:'

Lowest quintile, 4.5
Second quintile, 10.0
Middle quintile, 13.9
Fourth quintile, 17.2
Highest quintle, 25.1

Top 10 percent, 26.9
Top 5 percent, 28.5
Top 1 percent, 31.1

Those numbers include all federal taxes, expressed as a percentage of household income.

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