Those returns between the bottom 50 percent and the top 25 percent pay an average effective tax rate of only 5.6 percent, accounting for only 11.8 percent of all federal income tax revenue.

FORBES: President Obama's Growth-Choking Animus Toward Success

The New Jersey Income Tax Act requires taxpayers to claim losses in accordance with their Federal method of accounting, including federal basis rules.

FORBES: Madoff Investors Receive New Jersey Tax Refunds