Taxes of Top 1% Now Exceed That of Bottom 95%

Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the "rich" are not paying their fair share of taxes and disproportionately benefited from the Bush tax cuts.

The IRS data shows that in 2007 -- the most recent data available -- the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.

Read it.