According to a number of sources, the top 1% paid 40% of Federal Income taxes. The top 10% 71% and the top 25% paid 87% of all the Federal Income taxes paid. The bottom 50% paid < 3%. So, it's time the wealthier paid their fair share. The average person is getting ripped off per Joe and he's tired of it. He wants corporations to pay more. Guess who will pay the ultimate price for higher corporate taxes.
I wasn't an Economics major, but it would seem to me that if 71% of Federal Income taxes are paid by the top 10%, that is much more than fair to the remaining 90%.
Is it actually fair that the lower 50% pays only 3%, yet enjoys the same roads, bridges and military as the top 50%?
What would you consider a fair tax rate then for the top 1%, 10%, 25%. How much more than 40%,71% and 87% would balance the scales a bit more? What reduction below 2.9% for the lower 50% would be fair?
Those two groups paid 40% and 70% of all taxes, respectively. IE: The top 13% of earnings paid 40% of taxes. The top 40% of earnings paid 70% of taxes. Bottom 50% pay nothing.
That is closer. And it is not nearly as skewed as the OP stats.
However, the top 10% make a lot more money than merely their wages, so we ought to consider that a bit.
And there is the consideration that those most able to pay more (without any significant sacrifice) SHOULD pay a little more - that the thing we should be considering is making the pinch in the pocket equitable.
It seems that the growing inequity of incomes is indisputable to me (see charts). And yet the (& deductions) for the wealthiest continue to fall. How can that be fair ?
Your links dont work, but they seem to show changes over
Apr 9, 2021, 11:09 AM
time. They measure trends. You asked a "how much" question, and you were provided that info, and you switch subjects to trends. Additionally you have no basis on which to say that I didnt provide total income.
You dont seem to know what "empirical data" is, or what data you actually want. At the least, rather than make decisions based on data, you start with an ideological end in mind and search for anything, even unrelated factors, to support a predetermined end.
Sorry about the link (let me try it again), but I think they do provide empirical evidence that is pertinent to the question of equitable distribution of taxes. over the past 40 - 50 years the top 1/5/10 % have seen dramatic growth is the % of income earned AND a lowering of their tax rates. If we are going to discuss what is equitable, it seems to me that we have to frame that discussion with historical data for it to have any sense of perspective.
If you disagree - if you think that your numbers are enough to have the discussion, could you at least link me to their source so that I might examine them in context ??
Finally, I DO think that the rich should pay higher taxes (& with less loopholes), but I arrived at that conclusion by looking at the empirical data (and historical perspective). The graphics (which I hope will work this time) have long been in my files.
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