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When people talk about the top 1% owning almost all the wealth, they're typically referring to the global top 1% (at least that's the case with this article). T
by ericd 9y ago
When people talk about the top 1% owning almost all the wealth, they're typically referring to the global top 1% (at least that's the case with this article). The top quintile of the US is certainly considered rich globally, even if they don't feel like they are.
I'm interested to see your source for the US tax receipts by quintile, though. I could definitely believe I was wrong about the richest portion paying "the vast majority". I probably should have said the top half.
- mikeash 9y agoIf you want to count the entire world for wealth then you need to count the entire world for taxes too. I strongly doubt that the super rich are paying the vast majority of taxes worldwide. For US taxes, see: https://itep.org/wp-content/uploads/taxday2017.pdf https://itep.org/wp-content/uploads/taxday2017.pdf The rate is definitely lower for poorer people, but nearly as much as the standard punditry, focusing only in federal income tax, would have you believe.
- ericd 9y agoUnless I'm reading your source wrong, it looks like it says that the top 10% pays 50% of taxes? I feel like I should make it clear that my personal opinion is that top marginal tax rates should be much higher than they are, especially on capital gains, but I don't think it's fair to say that the working class is paying all the taxes, given the breakdown.