Bill Frezza has issued a correction of his analysis of IRS data that he had published at RealClearMarkets.com and that I had cited in posts here and here. He explains: "The numbers I reported had two errors. First, they were from the top 5% column, not the top 1%. ...Second, I did a simple average of the annual reported blended rates and did not weight them against AGI, which increased over the eight years of each presidency. When you do a weighted average for the top 1%, their blended rates actually dropped from 28% under Clinton to 24% under Bush."
The rest of Mr. Frezza's analysis — that the "rich" paid more money in taxes under Bush than under Clinton and that their share of the overall income tax burden increased — stands.
