Fact Check. Rich Don't Pay Their Fair Share. Really?

One of the cherished stories in liberal mythology is that The Rich keep getting tax cuts and shouldering a diminishing share of the tax burden. Therefore, President Obama claims, we need to raise top income tax rates to higher levels so that The Rich will pay their "fair share".  Facts, as John Adams said, are stubborn things, though . The facts are that The Rich keep paying more of the Federal  income tax no matter where the marginal rate is set. Why would we expect raising marginal tax rates to matter? And if carrying 60% of the tax is not a "fair share", what exactly is then?


Federal Income Tax 
Top Marginal Rate* and Shares of Taxes Paid by Top 5% and Bottom 50% of Earners

Year     Top Rate      Top 5% Share     Bottom 50% Share
1980        70%              37%                      7%
1985        50%              39%                      7%
1990        28%              44%                      6%
1995        40%              49%                      5%
2000        40%              56%                      4%
2005        35%              60%                      3%

* Not counting Alternative Minimum Tax