Who Actually Pays the Taxes in this Country and How Much!!
“Hooray for the 1%” isn’t a cheer leaving most American’s lips, let alone anything they want to hear.
But maybe it should be.
According to a recently released study by the Tax Foundation, most Americans would be surprised to learn that the richest percent of Americans pay over 39% of ALL Federal Income Tax!
Yes, you read that correctly.
This shouldn’t come as a surprise, but it always seems to.
In absolute dollars, out of the $1.37 trillion collected from taxpayers, the richest 1% were responsible for over $542 billion of that amount.
In fact, the richest 1% pay almost double the amount the next highest bracket pays: those with earnings in the top 2% to 5%, pay 20.5% of all Federal Income Tax.
Surprising to most, the bottom 50% of all taxpayers pay just 2.8% of total taxes.
And if memory serves, almost 50% of those with earned income don’t pay any federal income tax anyway. I might be wrong on this, but I don’t think so.
So, let me try and explain the graphic that follows. It’s a bit confusing. At least it was to me at first glance.
Start from the bottom and work your way up.
The top 1% of earners pay 39.5% of the federal income tax collected.
The next 2% – 5% of all earners pay 20.5% of the tax.
So, just to this point, 60% of all of the income tax paid in this country is paid by the top 5% of income earners.
And from this point, I simply get really annoyed when everyone whines about the higher earners.
Heck, they’re already paying WAY MORE than half of all income tax, so my advice is to stop complaining and try to be one of them!