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How does that number compare to the actual amount of wealth and income they individually generate? 38.5% seems incredibly low given the gross disparity in wealt
by arrosenberg 5y ago
How does that number compare to the actual amount of wealth and income they individually generate? 38.5% seems incredibly low given the gross disparity in wealth between the top and bottom.
- WalterBright 5y agoThe bottom 50% pay 4% of the federal income tax revenue.
- arrosenberg 5y agoThat's not the question. I'm asking if the top 1% earn 38.5% of taxable income, or if they earn more than that. If they earn more than that, then 38.5% is clearly underpaying on their taxes. Doesn't really matter to me if they did so illegally or by bribing a legislator to change the laws for them - it's still evading their fair share of taxes.
- WalterBright 5y ago> I'm asking Why not ask google? You can use it as well as I can. Google is pretty good at providing factual answers.
- gruez 5y agoAccording to https://dqydj.com/average-median-top-household-income-percentiles/ https://dqydj.com/average-median-top-household-income-percen..., the 99th percentile household accounts for 5.75% of the income. In reply to the sibling comment about the bottom 50% paying 4% of federal income tax, the bottom 50% is responsible for 18.3% of income.
- samspenc 5y agoThis article might help: https://www.bloomberg.com/news/articles/2018-10-14/top-3-of-u-s-taxpayers-paid-majority-of-income-taxes-in-2016 https://www.bloomberg.com/news/articles/2018-10-14/top-3-of-... Specifically, they have a graph that shows the breakdown of "share of adjusted gross income" vs "share of total income tax": https://assets.bwbx.io/images/users/iqjWHBFdfxIU/itOyNXaN9ahY/v1/-1x-1.png https://assets.bwbx.io/images/users/iqjWHBFdfxIU/itOyNXaN9ah...