> The top 1% of people by income already pay 40% of all taxes. I believe that this famous misleading statistic is only true if you specifically limit it to fed

> The top 1% of people by income already pay 40% of all taxes. I believe that this famous misleading statistic is only true if you specifically limit it to federal income tax, not "all taxes".[0] Less misleading is to compare total taxes against total income, which is shown in a chart[1] included in the linked article. It shows that the top 1% earn 21% of the income, and pay 24% of all taxes. The real question is, why are the top 1% only paying 24% of the taxes when they own 39% of the wealth?[2] [0] https://theintercept.com/2019/04/13/tax-day-taxes-statistics/ https://theintercept.com/2019/04/13/tax-day-taxes-statistics... [1] https://theintercept.imgix.net/wp-uploads/sites/1/2019/04/chart-1-1555038429.jpg?auto=compress%2Cformat&q=90&w=1024&h=496 https://theintercept.imgix.net/wp-uploads/sites/1/2019/04/ch... [2] https://jacobinmag.com/2017/10/wealth-inequality-united-states-federal-reserve https://jacobinmag.com/2017/10/wealth-inequality-united-stat...