3 ms·

The top 1% of earners in the US pay 40% of all income taxes. https://usafacts.org/articles/who-pays-the-most-income-tax/ https://usafacts.org/articles/who-pays

The top 1% of earners in the US pay 40% of all income taxes. https://usafacts.org/articles/who-pays-the-most-income-tax/ https://usafacts.org/articles/who-pays-the-most-income-tax/

fizx 10mo ago
This isn't about income.
- pinkmuffinere 10mo ago
  What is it about if not income?
  - bigmadshoe 10mo ago
    Capital ≠ income
  - seanmcdirmid 10mo ago
    Income is what you earn from your labor (the things robots will do in the future). Capital is setting money to make more money (e.g., by buying robots to get rid of labor that earns income).
  - ceejayoz 10mo ago
    Wealth. You can be fabulously wealthy without an income.
youarentrightjr 10mo ago
The top 1% of earners aren't the capital owners, not even close.
bal00ns 10mo ago
This covers federal income taxes only, excluding payroll taxes such as Social Security and Medicare. Including those the top 1% pays ~25% of all federal taxes while earning ~22% of all income.
slacka 10mo ago
You're missing the point. The effective tax rate of many billionaires is lower than ours. "Musk with a fortune of $244 billion, paid an average effective tax rate of 24% from 2018 to 2020". In other years it was as low as 3%[2]. [1] https://www.cbsnews.com/news/income-taxes-billionaire-tax-rate-irs/ https://www.cbsnews.com/news/income-taxes-billionaire-tax-ra... [2] https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax https://www.propublica.org/article/the-secret-irs-files-trov...
- deleted 10mo ago
  [deleted]
esalman 10mo ago
Top 1% have more income (income inequality is a thing). Taking away 40% income would hit the bottom 99% much harder than it would affect the life of top 1%. 50% of renters spend >30% on housing, 25% spend >50%. 40% figure is also based on individual income taxes. It drops significantly if you consider other sources (payroll etc). Top 1% also receive preferential tax treatment and benefits disproportionately from policy changes.

The top 1% of earners in the US pay 40% of all income taxes. https://usafacts.org/articles/who-pays-the-most-income-tax/ https://usafacts.org/articles/who-pays-the-most-income-tax/

fizx 10mo ago

This isn't about income.

pinkmuffinere 10mo ago
What is it about if not income?
- bigmadshoe 10mo ago
  Capital ≠ income
- seanmcdirmid 10mo ago
  Income is what you earn from your labor (the things robots will do in the future). Capital is setting money to make more money (e.g., by buying robots to get rid of labor that earns income).
- ceejayoz 10mo ago
  Wealth. You can be fabulously wealthy without an income.

youarentrightjr 10mo ago

The top 1% of earners aren't the capital owners, not even close.

bal00ns 10mo ago

This covers federal income taxes only, excluding payroll taxes such as Social Security and Medicare. Including those the top 1% pays ~25% of all federal taxes while earning ~22% of all income.

slacka 10mo ago

You're missing the point. The effective tax rate of many billionaires is lower than ours. "Musk with a fortune of $244 billion, paid an average effective tax rate of 24% from 2018 to 2020". In other years it was as low as 3%[2]. [1] https://www.cbsnews.com/news/income-taxes-billionaire-tax-rate-irs/ https://www.cbsnews.com/news/income-taxes-billionaire-tax-ra... [2] https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax https://www.propublica.org/article/the-secret-irs-files-trov...

deleted 10mo ago
[deleted]

esalman 10mo ago

Top 1% have more income (income inequality is a thing). Taking away 40% income would hit the bottom 99% much harder than it would affect the life of top 1%. 50% of renters spend >30% on housing, 25% spend >50%. 40% figure is also based on individual income taxes. It drops significantly if you consider other sources (payroll etc). Top 1% also receive preferential tax treatment and benefits disproportionately from policy changes.