Americans who earned in the top 1 per cent paid more individual income tax than the bottom 90 per cent combined in 2016, according to new figures released by the Internal Revenue Service.
That year, the United States government collected a total of $1.44trillion from 140.9 million income taxpayers, according to the IRS.
These filers reported a total of $10.2trillion in adjusted gross income.
The statistics show that the top 50 per cent of all taxpayers paid 97 per cent of total individual income taxes.
That means that the bottom 50 per cent paid 3 per cent.The bottom 50 per cent paid the same amount of income tax as the top 0.001 per cent, according to the IRS figures compiled by Bloomberg.
That means approximately 1,400 taxpayers – who make up the top .001 per cent – paid 3.25 per cent of all income taxes.
Interestingly, the tax reform last year that was supposed to be, according to the lefties, be a giveaway to the rich, actually resulted in the rich paying a higher percentage.
In 2018, the top 20 per cent of income earners – those earning at least $150,000 a year – will pay 87 percent of income tax, according to the Tax Policy Center.
That is an increase from about 84 per cent of income tax that the top 20 per cent paid in 2017.
The figures show that 1,400 taxpayers paid about the same amount of taxes as 70 million taxpayers who earn incomes that are in the bottom 50 per cent
The highest earners – those making $3.2million a year – who account for the top 0.1 per cent will pay 22 per cent of all income tax in 2018.
That is an increase from 18.9 per cent in 2017.
Liberals get what they want——“rich” paying more than their “fair share”——no liberal is thanking Trump!
Liberal hypocrites!
Of course, the question is not “what percent of total tax was paid by XXX”, but rather, “what percent of gross income was paid in tax” (including SS & Medicare).
17% increase in the deficit doesn’t jive with the number presented here .
But the tax cuts would more than pay it self.
“I not only don’t think it will increase the deficit, I think it will be beyond revenue neutral,” McConnell said in December 2017. “In other words, I think it will produce more than enough to fill that gap.”
Anyone who believed that whopper of a lie should not be allowed to vote. It was all a ploy to increase the deficit so they could rationalize going after social security.
Hit the nail right on the head, Pat. Modern day R’s are certainly not fiscally conservative.