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Yet think currently the top 1% is paying over 50% of all taxes. There's a few things to consider with this statement. First, and most importantly, everyone in
by onion2k 3y ago
Yet think currently the top 1% is paying over 50% of all taxes.
There's a few things to consider with this statement. First, and most importantly, everyone in the US who has more than $1m is in the top 1% by wealth, including assets. That illustrates how little money most people have.
Secondly, the top 1% captured 54% of the wealth generated in the last decade, so paying 50% of the tax sounds about right.
Lastly, we're not really talking about the top 1% because most of them are just people who lucked into buying a house in an area that subsequently became gentrified, or they got lucky with some stock options, or whatever. It's people who own more than $100m who have the sort of capital that enables them to pay very fancy accountants to get their tax burden down to single digit percentages. They're also the ones who get their companies to do union-busting tactics, because next year they want to own $200m.
- lotsofpulp 3y ago> everyone in the US who has more than $1m is in the top 1% by wealth, including assets. 88th percentile for $1M net worth including home. https://dqydj.com/net-worth-percentile-calculator-united-states/ https://dqydj.com/net-worth-percentile-calculator-united-sta... 90.5th percentile excluding home. It is 99th percentile until age 35 to age 39 though. https://dqydj.com/net-worth-by-age-calculator-united-states/ https://dqydj.com/net-worth-by-age-calculator-united-states/
- onion2k 3y agoI imagine the number varies a lot depending on your source. Mine is Credit Suisse via the World Bank - https://openknowledge.worldbank.org/bitstream/handle/10986/37739/9781464818936-ch1.pdf https://openknowledge.worldbank.org/bitstream/handle/10986/3...
- lotsofpulp 3y agoI could not find where it says 99th percentile in the US is $1M, but it seems unreasonable based on recent run up in asset prices, especially homes. The median home price is north of $500k in the western US. https://cdn.nar.realtor/sites/default/files/documents/ehs-04-2023-supplemental-data-2023-05-18.pdf?518 https://cdn.nar.realtor/sites/default/files/documents/ehs-04... Come to think of it, I wonder if these net worth calculations incorporate present value of annuities such as Social Security benefits and defined benefit pensions.
- onion2k 3y agoThat report might well be out of date. It's a year old, and possibly based on data from a year (or more) prior to that. I don't know. My more general point is still true though - it's the people with 100s of millions who have the resources to minimize their tax burden who could (note: I'm not saying 'should', that's a matter of opinion) be paying more.