3 ms·

It's pretty trivial to find many references with a quick Google search, but here you go: https://www.ntu.org/foundation/tax-page/who-pays-income-taxes https://

It's pretty trivial to find many references with a quick Google search, but here you go: https://www.ntu.org/foundation/tax-page/who-pays-income-taxes https://www.ntu.org/foundation/tax-page/who-pays-income-taxe...

i_haz_rabies 6y ago
It's not on me to find sources for your numbers. Besides, doing a trivial, quick Google search comes up with a few links to anti-tax lobby groups (such as the one you provided). However, a slightly less trivial, slightly less quick look at the topic reveals that the figures in the anti-tax lobby group reports do not include capital gains, or really anything outside of federal income. It doesn't even include payroll tax. A few sources, admittedly biased the other way: - https://www.cbpp.org/research/federal-tax/where-do-federal-tax-revenues-come-from https://www.cbpp.org/research/federal-tax/where-do-federal-t... - https://theintercept.com/2019/04/13/tax-day-taxes-statistics/ https://theintercept.com/2019/04/13/tax-day-taxes-statistics... - https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/ https://www.washingtonpost.com/business/2019/10/08/first-tim... - https://www.businessinsider.com/american-billionaires-paid-less-taxes-than-working-class-wealth-gap-2019-10 https://www.businessinsider.com/american-billionaires-paid-l...
- malandrew 6y ago
  Well if you read what I wrote, I didn't say that they fund 60%/87% of federal revenue. I said they pay 60%/87% of income taxes. Since payroll is proportional to income, that's even more federal revenue that is indirectly levied on the labor of the top 5% and 20%. Once you include capital gains taxes, the top 5% and top 20% cover even more of federal revenue. The only portion of capital gains that isn't personal capital gains is corporate capital gains. A sizable amount of non-individual capital gains are hedge funds and retirement accounts, which once again are mostly funded by many people in the top 5% and 20%. Any way you slice it, it's largely the top 5% to top 20% of so funding much of the operating costs of USA Inc. Everyone in the bottom 50% gets a 50% say while paying a mere 3% of income taxes and probably even less in taxes once you include all sources of federal revenue.

i_haz_rabies 6y ago

It's not on me to find sources for your numbers. Besides, doing a trivial, quick Google search comes up with a few links to anti-tax lobby groups (such as the one you provided). However, a slightly less trivial, slightly less quick look at the topic reveals that the figures in the anti-tax lobby group reports do not include capital gains, or really anything outside of federal income. It doesn't even include payroll tax. A few sources, admittedly biased the other way: - https://www.cbpp.org/research/federal-tax/where-do-federal-tax-revenues-come-from https://www.cbpp.org/research/federal-tax/where-do-federal-t... - https://theintercept.com/2019/04/13/tax-day-taxes-statistics/ https://theintercept.com/2019/04/13/tax-day-taxes-statistics... - https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/ https://www.washingtonpost.com/business/2019/10/08/first-tim... - https://www.businessinsider.com/american-billionaires-paid-less-taxes-than-working-class-wealth-gap-2019-10 https://www.businessinsider.com/american-billionaires-paid-l...

malandrew 6y ago
Well if you read what I wrote, I didn't say that they fund 60%/87% of federal revenue. I said they pay 60%/87% of income taxes. Since payroll is proportional to income, that's even more federal revenue that is indirectly levied on the labor of the top 5% and 20%. Once you include capital gains taxes, the top 5% and top 20% cover even more of federal revenue. The only portion of capital gains that isn't personal capital gains is corporate capital gains. A sizable amount of non-individual capital gains are hedge funds and retirement accounts, which once again are mostly funded by many people in the top 5% and 20%. Any way you slice it, it's largely the top 5% to top 20% of so funding much of the operating costs of USA Inc. Everyone in the bottom 50% gets a 50% say while paying a mere 3% of income taxes and probably even less in taxes once you include all sources of federal revenue.