https://www.lewrockwell.com/2019/01/laurence-m-vance/tax-the-rich/
According to the latest figures released by the Internal Revenue Service (IRS):
- In 2016, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
- The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).
- The top 1 percent of taxpayers paid a 26.9 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.7 percent).
“The rich” are also punished through the phase-out of tax exemptions, deductions, and credits as their income rises.Yet, according to Democratic politicians like Senator Elizabeth Warren, Representative Alexandria Ocasio-Cortez, Senator Bernie Sanders, and former Senator Hillary Clinton, “the rich” are still not paying enough in taxes.
Senator Warren has proposed a “wealth tax” on the richest Americans: Read the rest of this entry »
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