Income Taxes for Wealthy at Historic High

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High income families are paying some of their biggest federal tax bills in decades, while the rest of the country is paying taxes at record low rates.

The Tax Policy Center conducted a study of all taxes that families have to pay.

This year, families with incomes in the top 20 percent will pay an average of 27 percent in taxes.

The top 1 percent will pay 35.5 percent taxes and the average family in the bottom 20 percent won't pay any federal taxes. In fact, many will get money back from the government.

President Obama and Democratic leaders in Congress insist that any deal to cut the deficit must include more taxes on the wealthy.

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