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In 2020: Top 1% paid 42% of all collected income taxes. (1.5 million tax payers paid $722 Billion) Bottom 50% paid 2.25% (78 million tax payers paid $1.7 Billio
by kevdragon6 3y ago
In 2020:
Top 1% paid 42% of all collected income taxes. (1.5 million tax payers paid $722 Billion)
Bottom 50% paid 2.25% (78 million tax payers paid $1.7 Billion)
https://taxfoundation.org/publications/latest-federal-income-tax-data/ https://taxfoundation.org/publications/latest-federal-income...
- sroussey 3y agoThe top 1% of that 1% pay almost nothing. This is what gets people all riled up about. And the 99% of the top 1% are the ones that pay. Mostly because it expensive to get around taxes, something the 1% of the 1% can easily afford.
- cronix 3y agoAnd a lot of people always throws around terms like "almost nothing" without defining it in terms of actual dollars. Is it like 50M is nothing compared to their 10B net worth? What are we talking about/comparing here?
- sroussey 3y agoTrump paid zero for years. Privately, I know how to make investment income go to zero if you have enough of it. It’s all rather fascinating. Really, the top 5% of the top 1% could do it. But if you have less than $1m income (or cap gains), then it’s likely not worth it.
- qzw 3y agoIt's not just the expense of getting around taxes, but also the difference in sources of income. If most of the income is on a W-2, there are just not as many ways to get around any income taxes. But if it's mostly business or investment income, that's like Minecraft for accountants.
- grogenaut 3y agohow much did those top 1% make in income out of the total?
- _huayra_ 3y agoI'm glad you pointed this out. The parent comment to yours is the equivalent of people seeing a big red map of the US during the presidential race and saying "how come the Democrats win when there's so much red?!", as if land can vote -_-
- rmk 3y agoIn America, land can vote, although not in the Presidential election. The Senate.
- jjeaff 3y agoStill not land voting. Seeing as RI gets the same number of votes as AK. And both senate candidates are selected by popular vote in the state, so even if most of the state is red, big blue cities can swing the vote.
- jack_squat 3y agoRI has the same approximate population as AK. What people mean when they say land votes, is AK compared to NY. AK has a population of < 1M while NY has a population of > 8 million. Proportionally, Alaskans have > 8x the representation in the senate that New Yorkers have.
- jjeaff 3y agoI haven't heard people say "land votes" (except in this thread). Only, "land doesn't vote".
- rmk 3y agoNot a proportional vote but a territorial vote nonetheless.
- lotsofpulp 3y agoIt is the same in the presidential election, since number of electoral votes from the state includes number of senators.
- Caligatio 3y agoThe trend that is more troubling is the effective tax rate for the 1% of earners is falling (34.47% in 1980 vs 25.99% in 2020) yet their share of total taxes paid is rising (19.05% in 1980 vs 42.31% in 2020). This just highlights the growing income gap between the 1% and everyone else.
- johngladtj 3y agoOr perhaps it's just proving the laffer curve true.
- oblio 3y agoIf that's supposed to be some sort of rallying cry in their defense: https://www.youtube.com/watch?v=QPKKQnijnsM https://www.youtube.com/watch?v=QPKKQnijnsM The top 1% had almost 40% of the wealth in the US, in 2012. And that video is from 2012, from before Covid, now it's much, much worse, because since 2020 the top 1% have captured about 66% of the extra wealth created.
- refurb 3y agoThe top 1% have 40% of wealth and pay 40% of taxes? Sounds ideal to me.