We’re actually paying less in federal taxes as a percentage of income than we have in some time.
Still, most American say they’re paying too much taxes. This very nifty graph (H/T @fivethirtyeight) may explain why.
The Reagan era lowered the tax burden of wealthy Americans tremendously. The G.W. Bush era dropped most everyone else at least down to historic averages.
Two things stick out to me. 1) Almost no one is dramatically overburdened in paying federal taxes, according to these figures. 2) If anyone, it’s the middle class that’s being leaned on. That’s the conclusion the graph’s author comes to:
The people at our economy’s core – the full-time workers earning between $20,000 and $150,000 a year – still pay at up to double the rate of the ultra-wealthy, relative to what history suggests they should.
As tax time approaches, how are you feeling? Do you buy the argument this guy makes?