Indeed, the IRS data shows that in 2007—the most recent data available—the top 1% of taxpayers paid 40.4% of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1% paid 24.8% of the income tax burden in 1987, the year following the 1986 tax reform act (see chart above).
Remarkably, the share of the tax burden borne by the top 1% now exceeds the share paid by the bottom 95% of taxpayers combined. In 2007, the bottom 95% paid 39.4% of the income tax burden. This is down from the 58% of the total income tax burden they paid twenty years ago.