Its from CNN so maybe the lefties here can believe the facts presented in the article. It is amazing how public perception is tainted to believe the top 1% need to pay even more in taxes. I guess people just believe that we need more tax money as long as it doesn't come from them.
A few interesting facts from the article:
Some 56% of Americans say the amount they pay in taxes is “more than their fair share,” up from 51% who thought so in 2019. Unsurprisingly, nearly two out of every three Americans feel the wealthy don’t pay their fair share of taxes, and 61% said they would support raising taxes on households earning over $400,000.
According to the IRS, in 2020, the top 1% of taxpayers (about 1.5 million taxpayers), paid $722 billion in income taxes. That amount accounted for 42.3% of all income taxes paid, the highest percentage in modern history.
By contrast, the bottom 90% of taxpayers (about 142 million taxpayers) paid a combined $450 billion in income taxes, or just 26.3% of the total, their lowest percentage of the tax burden in decades. That means the top 1% of taxpayers pay a far greater share of the nation’s tax burden than 142 million of their neighbors combined.
Surely, the rich pay a larger amount because they earn the most money, right? Not exactly. In 2020, the top 1% of taxpayers earned 22% of all adjusted gross income; their 42.3% share of the income taxes is nearly twice their share of the nation’s income.
The opposite is true for the bottom 90%. They earned more than half, 50.5%, of the nation’s income but paid 26.3% of the taxes — roughly half of their share of the nation’s income.
This hasn’t always been the case. In 1980, the tax burden was much more evenly shared. The bottom 90% earned 68% of the nation’s income and paid 52% of the income taxes. The top 1% earned 9.6% of the nation’s income and paid 17% of the income taxes.
www.cnn.com
A few interesting facts from the article:
Some 56% of Americans say the amount they pay in taxes is “more than their fair share,” up from 51% who thought so in 2019. Unsurprisingly, nearly two out of every three Americans feel the wealthy don’t pay their fair share of taxes, and 61% said they would support raising taxes on households earning over $400,000.
According to the IRS, in 2020, the top 1% of taxpayers (about 1.5 million taxpayers), paid $722 billion in income taxes. That amount accounted for 42.3% of all income taxes paid, the highest percentage in modern history.
By contrast, the bottom 90% of taxpayers (about 142 million taxpayers) paid a combined $450 billion in income taxes, or just 26.3% of the total, their lowest percentage of the tax burden in decades. That means the top 1% of taxpayers pay a far greater share of the nation’s tax burden than 142 million of their neighbors combined.
Surely, the rich pay a larger amount because they earn the most money, right? Not exactly. In 2020, the top 1% of taxpayers earned 22% of all adjusted gross income; their 42.3% share of the income taxes is nearly twice their share of the nation’s income.
The opposite is true for the bottom 90%. They earned more than half, 50.5%, of the nation’s income but paid 26.3% of the taxes — roughly half of their share of the nation’s income.
This hasn’t always been the case. In 1980, the tax burden was much more evenly shared. The bottom 90% earned 68% of the nation’s income and paid 52% of the income taxes. The top 1% earned 9.6% of the nation’s income and paid 17% of the income taxes.
Opinion: Think the rich don’t pay their ‘fair share’? Think again | CNN
Despite the well-worn political rhetoric about “fair share,” the tax burden on the wealthy continues to climb, writes Scott Hodge.
