MYTH: The Bush tax cuts caused the deficit. FACT: In 2002, tax revenues were $1.85 trillion. In 2007, revenues were $2.57 trillion — a 39 percent INCREASE. MYTH: The rich don’t pay taxes. FACT: The top 1% of income earners pay 40% of all federal income taxes. The top 5% pay 60%. Everyone in the $200,000 plus tax bracket pays MORE than one fourth of their adjusted gross income in federal taxes. They almost certainly also coughed up a great deal in state and local taxes as well.
