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The 98% of people paying 61.5% (a significant majority) of income taxes are all the little guy. Even a decent percentage of the 99th percentile would also be th
by jjk166 6y ago
The 98% of people paying 61.5% (a significant majority) of income taxes are all the little guy. Even a decent percentage of the 99th percentile would also be the little guy. The "super rich" capable of hiding millions from the IRS are an extremely tiny portion of the population.
- Gibbon1 6y agoOne other thing there is an assumption that membership in these statistical categories are 'stable' Not really though. Lot of 'the 1%' are in it for short periods of time. Other big issue is the super rich typically have full control over when, where, and how, a taxable event happens. For the wealthy most wealth building doesn't involve taxable events. One of my beliefs is the mortgage interest deduction is a sop to the middle class. Because otherwise the wealthy would out compete middle class families for single family homes.