The top 1% of earners pay 45.8% of the federal income taxes.
https://t.co/UwPHS3ovXO https://t.co/G3YShlUzSD
The top 1% of earners pay 45.8% of the federal income taxes. https://t.co/UwPHS3ovXO https://t.co/G3YShlUzSD
Taxpayers in the top 5 percent of income already pay for more than 43 percent of the U.S. government, and taxpayers in the top 1 percent pay for more than 27 percent; at some point, taking more resources from the wealthy yields diminishing returns. Many of the Obama reforms, including much of the stimulus bill, and the health care bill, redistribut
... See moreTyler Cowen • The Great Stagnation: How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better: A Penguin eSpecial from Dutton
A recent study found that the wealthiest 0.01% – those with more than $45 million in net wealth – evade 25% of all taxes they owe, compared to an average evasion across all income brackets of 2.8%.44 This may sound like data from a notoriously unequal country like the US, but these data are in fact from Scandinavia. In the US, researchers found tha
... See morePaul Behrens • The Best of Times, The Worst of Times: Futures from the Frontiers of Climate Science
The progressive design of the federal income tax is offset by the regressive nature of other taxes, including the fact that wealth (in the form of capital gains) is taxed at a lower rate than wages. When all taxes are accounted for, we’re all effectively taxed at the same rate. On average, poor and middle-class Americans dedicate approximately 25 p
... See moreMatthew Desmond • Poverty, by America
Alarmingly, the share of America’s total income accruing to the top 1 percent of households is now equal to the share earned by the bottom 70 percent combined!
