How Taxes Have Changed Since 1960

Tom Curry on msnbc.com in April 2009 mentioned the following:

• In 1960, payroll taxes accounted for 16% of federal tax revenues
• In 2008, payroll taxes accounted for 35% of federal tax revenues
• Payroll taxes comprise Social Security, Medicare, and Medicaid
• In 1979, the top 10% of income-earning households paid 40.6% of all federal taxes
• In 2005, the top 10% of income-earning households paid 55% of all federal taxes
• This change was primarily caused by a concentration in income rather than a more progressive tax system
• In the 1970s, the top 0.1% of income earners received 2.5% of all income
• In 2000, the top 0.1% of income earners received 9% of all income
• In 1960, excise taxes accounted for 13% of total federal revenues
• In 2009, excise taxes accounted for 2% of total federal revenues
• Excise taxes are paid on items such as gasoline, alcohol, firearms, etc.
• In 1960, corporate income taxes accounted for 23% of of federal revenues
• In 2009, corporate income taxes accounted for 13% of of federal revenues
• The primary reason for the decline was due to the introduction of new business entities that allowed corporate revenue to be taxed as ordinary income, thus showing up as individual income tax.

To read the entire article, click on How the tax burden has changed since 1960.