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The chart shows that the top 1%, which the 3 million people making over $615K/year, pay 45.7% of the income tax. For people with $1 million/year or higher of i
by dalke 12y ago
The chart shows that the top 1%, which the 3 million people making over $615K/year, pay 45.7% of the income tax.
For people with $1 million/year or higher of income, most of the income is from sources other than salaries and wages. http://www.taxpolicycenter.org/UploadedPDF/2000134-composition-of-income-reported-on-tax-returns-in-2012.pdf http://www.taxpolicycenter.org/UploadedPDF/2000134-compositi... .
If all 3 million people decided to take a year off then the worst case would be a 20% drop in income tax or 10% drop in the US tax revenue.
More than likely, some of the people under 99% would suddenly have new jobs, with a higher income.
I find it hard to think of 3 million people as a small enough number to be in the unpredictable range for a ~1 year fluctuations. 300? Certainly. 30,000? Maybe. But the 1% is still the population of Iowa.
- prostoalex 12y ago> If all 3 million people decided to take a year off Well, the risk here is over-dependence on capital gains. Not only it's a voluntary tax with people choosing simply not to sell, or sell less than they originally intended to, economic downturns bring in capital losses, which can be deducted against the gains, which then accounts for dramatically volatile shifts in capital gains revenues. You're right, though, the situation is much more distributed within that 1%, and thank you for the graph.
- deleted 12y ago[deleted]