What is most surprising, perhaps, is that the top income earners have fared worse as an overall group than any other since the 2008-09 recession.

While Congress has come to terms on a budget deal, Washington will no doubt be back at it again early next year trying to hammer out the FY 2015 budget. President Obama is to submit a budget under the Budget Control Act by early February. At issue with the current deal, and no doubt next year, is the role of spending cuts versus taxes. Recently, the Internal Revenue Service (IRS) released the statistical data for individual income taxes in 2011 and it puts into context this very debate, especially as we can expect the theory of taxing the rich to pay their fair share from the administration bud...