The Wall Street Journal revealed on Thursday that the top 1% of US taxpayers paid 37.4% of all federal personal income taxes in 2000, up slightly from 36.2% the previous year, and showing a substantial increase on 25% in 1991.
Chairman of Congress's Joint Economic Committee, Rep. Jim Saxton recently used these newly released IRS figures in an attempt to 'reflect the steeply progressive impact of the federal income tax'.
However, speaking to the WSJ yesterday, Joel Slemrod, Professor of Economics at the University of Michigan Business School had a more straightforward explanation:
'The main reason the portion of taxes paid by upper-income taxpayers went up is that the fraction of income they earned rose too,' he asserted. 'It's not at all that these increased shares of tax reflect a big change in the tax laws. It reflects a big change in who was earning income in America.'
The Wall Street Journal, citing the IRS figures, revealed that the top 1% of taxpayers received 20.8% of all adjusted gross income for the year 2000, up from 19.5% in 1999, and approximately 13% in 1991.
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