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| Topic | 2% of America pays for 80% of its taxes. Should this be skewed more? |
| Bok_Choi 08/10/17 1:24:16 PM #7: | 80% is definitely an exaggerated number but look at this https://taxfoundation.org/summary-latest-federal-income-tax-data-2016-update/ The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.[1] The data demonstrates that the U.S. individual income tax continues to be very progressive, borne mainly by the highest income earners. In 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes. The share of income earned by the top 1 percent of taxpayers rose to 20.6 percent in 2014. Their share of federal individual income taxes also rose, to 39.5 percent. In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent. The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent). The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent). --- ... Copied to Clipboard! |
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