Who's Paying Taxes

Interesting stats from the IRS:

"First, the new data show that the bottom 50% of Americans in income--U.S. households with an income below the median of $44,389--paid a smaller share of total income taxes in 2004 (3.3%) than in Bill Clinton's last year in office (3.9%). That 3.3% is the lowest share of total income taxes paid by the bottom half of earners in at least 30 years, and probably ever. The majority of American families with an income below $40,000 pay no income tax at all today, and many of them also get a welfare subsidy from the Earned Income Tax Credit that effectively offsets much of what they pay in payroll taxes."

Another interesting point, seemingly contradicting those who don't think the rich are paying their fair share:

Richest 1% earn 19% of US income, and pay 37% of taxes. In other words, twice their share.

The richest 5% earn 33% of US income and pay 57% of US taxes.