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Tax facts to remember

From the Tax Foundation:

The latest release of Internal Revenue Service data on individual
income taxes comes from calendar year 2006, a year in which the economy
remained healthy and continued to grow, increasing individual income
tax collections along with overall average effective tax rates.

year’s numbers show that both the income share earned by the top 1
percent of tax returns and the tax share paid by that top 1 percent
have once again reached all-time highs. In 2006, the top 1 percent of
tax returns paid 39.9 percent of all federal individual income taxes
and earned 22.1 percent of adjusted gross income, both of which are
significantly higher than 2004 when the top 1 percent earned 19 percent
of adjusted gross income (AGI) and paid 36.9 percent of federal
individual income taxes.


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