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Which taxes are you counting there? Including sales taxes? And I take with a huge block of salt any tax article with phrases like "These charts don’t tell us w
by fencepost 7y ago
Which taxes are you counting there? Including sales taxes?
And I take with a huge block of salt any tax article with phrases like "These charts don’t tell us whether the top 1 percent contains the same people year after year, experiences a complete turnover annually, or something in between." Good heavens, I hadn't realized that a 100% turnover in the top 1% of earners was possible! Those investments must be doing terribly.
- wnissen 7y agoNo, just income tax, the only portion of the tax code that is nominally progressive. Payroll taxes are explicitly regressive, going away at an income of roughly the top 5%. Sales taxes are flat. Even income taxes aren't as progressive as you would think, because a large fraction of upper-class wealth comes from dividends and capital gains, which are taxed at a rate below the income of a household earning $78,951 year! The biggest tax deductions are for homeowners (including second homes) and retirement savings, which overwhelmingly go to the wealthy. The idea that the wealthy pay a high tax rate is absurd if you look at the whole picture. https://smartasset.com/taxes/dividend-tax-rate https://smartasset.com/taxes/dividend-tax-rate