U.S. deemed to have ‘most progressive’ tax in the world
In recent testimony before the Senate Budget Committee, international studies were quoted showing the wealthy in America pay more of the nation’s tax burden than in any other industrialized country, giving the U.S. “the most progressive income tax system” in the world.
Earlier this month, Scott Hodge, president of the non-partisan Tax Foundation, testified before the committee, showing that the top 1 percent of taxpayers in the U.S. now pays a greater share of the income tax burden than the bottom 90 percent combined.
“As of 2008, the top 1 percent of taxpayers paid 38 percent of all income taxes, while the bottom 90 percent of taxpayers paid just 30 percent of the income tax burden,” Hodge explained. “By any measure, this is the sign of a very progressive tax system.”