If you listen to fact-challenged political zealots, you will think that the federal income tax is a fast-rising monster. As you’ll soon see, it isn’t. The...
If you listen to political zealots, you will think that the federal income tax is a fast-rising monster. As you’ll soon see, it isn’t.
If you listen to fact-challenged political zealots, you will think that the federal income tax is a fast-rising monster. As you’ll soon see, it isn’t. The primary takeaway from these long-term examples is that our political leaders of both ilks are simply unwilling to take the political risk of tempering spending, though the groups they spend money for may be different.
Here’s an example. While the average tax rate of the top 5% of earners fell slightly between 2001 and 2021, dropping from 23.9% to 23.3%, their share of all income rose from 31.6% to 42%. Their share of taxes paid rose from 52.2% to 65.6%. Indeed, the top 10% of all earners now pay 75.8% of all income taxes, and the top 25% pay 89.2% of all income taxes.Earners at the very top can surely afford to pay more taxes.
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