(From Kiplinger Tax Letter)
Do the rich pay taxes? New IRS statistics show the burden on taxpayers.
The top 1% of all filers paid 37.4% of all federal income taxes in 2010, the most recent year IRS has analyzed. That's up from 36.3% the previous year. They reported 18.9% of total adjusted gross income, also higher than the year before. However, the average tax rate paid by the top 1% fell slightly to 23.4% of their AGI. Filers needed to have AGI of at least $369,691 to qualify for the top 1% of earners.
The highest 5% paid 59.1% of total income tax and accounted for 33.8% of all adjusted gross income. They each had AGI of at least $161,579. The top 10% of filers, those with AGIs of $116,623 or more, bore 70.6% of the total tax burden while bringing in slightly more than 45% of the total adjusted gross income.
The bottom 50% of filers paid 2.36% of the tot…