Top 10% of Earners Pay About 75% of Total Income Tax
"Progressives Always Want More of Your Money..
From Sovereign Man
The Democrat Lie Machine keeps working in overtime. All the so-called “progressives” are complete liars and idiots. How many times have you heard the cry for the wealthy to pay their fair share of income taxes??? 1000, 2000 times?
From the IRS , The top 1% of US taxpayers paid 48% of total US income taxes.
And that’s just at the federal level, not even counting how much of the the local and state taxes the wealthy paid. Further, the top 10% paid nearly 72% of total income taxes.
Meanwhile, the bottom 40% of US income tax filers paid no net income tax at all. And the next group, those making between $30-$50,000 per year, paid an effective rate of just 1.9%.
But the fact that 10% of the taxpayers foot nearly three-fourths of the tax bill still isn’t enough for the progressive mob. They want even more.
The guy who shakes hands with thin air, for example, recently announced that he wants to introduce a new law that would create a minimum tax of 25% on the highest income earners.
But the government’s own statistics show that the highest income earners in America— those earning more than $10 million annually— paid an average tax rate of 25.5%. That’s higher than Mr. Biden’s 25% minimum.
Note: professional investors like Warren Buffet pay only 20% of their income in income taxes because they are complying with the requirements of Long Term Capital Gain tax rates which max-out at 20%. Ordinary people might pay 0% or 15% on LT Capital gains. This is one of the main sources of Democrat demagoguery.