3% Of Individual Tax Payers Paying Over 50% Of The Federal Income Tax In The US
We keep hearing how utterly unfair our taxation system is. And, especially if you took corporate taxation into account, you would see that statement would be very applicable, what with the likes of GE paying no taxes over many years during which they were quite profitable.
However, the picture with individual taxation - which amounts to the largest single revenue stream into the federal coffers - is a bit different. 3% of the contributors are currently paying over 50% of all contributions. Top 0.001%, or about 1,400 taxpayers, paid over 3%.
Individual taxation is likely quite unfair too, in many of its aspects. In fact, it has to be - the tax code is unintelligible, and until it is drastically simplified it is bound to be full of various nonsensical and ultimately unfair clauses. But the general notion of "the little guy pays all of the taxes" is likely just that - a notion, and a false one at that.
Sources
Top 3% of U.S. Taxpayers Paid Majority of Income Tax in 2016
Alexandre Tanzi , Bloomberg, 14 October 2018
Meet the 18 profitable companies that paid no taxes over 8 years
Aimee Picchi, MoneyWatch, 10 March 2017
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