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Monday, October 31, 2011

What Do the Top 1% Really Pay in Taxes?

October 25, 2011 (SmartPros) -- New study shows income declines for top earners, while effective tax rates creep up.

The income earned by the top 1% of Americans has declined for the second year in a row while their average tax rate has increased, according to a newTax Foundation study. The average federal tax rate for those reporting at least $343,927 in income has increased from 22.5% in 2007 to 24.0% in 2009, while the average income for the top 1% has declined from $1.4 million to $1 million over the same period.

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