Quote:
Originally Posted by Bill14564
Perhaps we can say “the rich” are those who will put any additional tax breaks into their investment accounts rather than into the economy. Give $1,000 to someone making less than say $100K and it will likely be spent. Give $1,000 to someone making more than $400K and they might not notice if they dropped it on the floor, they certainly aren’t going to spend it in Publix.
It would be interesting to see statistics on the percentage of income the top 5% make. Do the top 5% who pay 65% of taxes also receive 80% of income? Similarly, it would be interesting to see what their effective tax rate is. I looked but wasn’t able to find that in a quick search.
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And just what do people think happens to money deposited into an "investment account"???? The CEO puts it under his mattress???? Corporate profits are either put back into expanding the business (more jobs, new construction), increasing salaries of workers, or by declaring a dividend, which then is reinvested and so on. Again, we need to dump the "rich and corporations are bad" rhetoric, and also realize that you cannot make the poor richer by making the rich poorer
And to answer your question, from the IRS:
"According to the latest IRS data, the top 1% of earners paid 40.4% of all federal income taxes in 2022. This underscores the extent to which the burden of the income tax system falls on taxpayers from the highest income groups.
Do the top 1% pay 40% of taxes?
The top 1% of earners typically pay much more in taxes than many other Americans. Nationwide, this group contributes 45% of total personal income taxes collected. However, the top 1% doesn't pay the same amount everywhere. Therefore, some states may be more dependent on this group than others for tax revenue.
What do the top 5% pay in taxes?
Most of the government's federal income tax revenue comes from the nation's top income earners. In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total.
Did the top 5% pay 66% of all federal income taxes?
The top 5% pay more than 65% of federal income taxes, the highest 10% pay 75% of them and the top 25% are accountable for 89%. The bottom half of earners, who make below $46,627 a year, paid just 2% of federal personal income tax, according to the report.
Who pays 97% of all federal income taxes?
The top 50 percent of all taxpayers paid 97 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 3 percent."
And did they represent 80% of the income? Who cares, THEY EARNED IT, THEY WORKED FOR IT, AND THEY SUCCEEDED. Let's stop punishing success in this country and maybe we'll climb out of debt.