- Aug 7, 2003
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Top 3% of U.S. Taxpayers Paid Majority of Income Taxes in 2016
In other words, the bottom 50 percent paid 3 percent. Which small percentile of tax payers also paid 3 percent or more? You might have guessed it. It is the top 0.001%, or about 1,400 taxpayers. That group alone paid 3.25 percent of all income taxes. In 2001, the bottom 50 percent paid nearly 5 percent whereas the top 0.001 percent of filers paid 2.3 percent of income taxes.
Explanation for those unable to comprehend: The top .001% or just 1400 people in the entire country pay 3.25% of ALL taxes, whereas the bottom 50% pay 3%. Further, the top .001% are paying more NOW than they did in 2001 and the bottom 50% are paying less.
So when we hear the worn out mantra of the left that Bush or Trump are giving tax breaks to the "richest 1%", it's not only not true, but the fact is the top 1% are paying MORE than their fair share. Don't they deserve a break? Many of them employ others, buy a lot of stuff and donate to charity. Between their taxes and spending, etc. they are major contributors to the economy. Why do people on the left think that taxing the wealthiest into oblivion will somehow irradicate poverty or improve the economy? How is it fair that the top 50% of payers pay virtually ALL the taxes? How do you give tax breaks to the bottom 50% who pay just 3% of ALL taxes?
- 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 50 percent of all taxpayers paid 97 percent of total individual income taxes.
In other words, the bottom 50 percent paid 3 percent. Which small percentile of tax payers also paid 3 percent or more? You might have guessed it. It is the top 0.001%, or about 1,400 taxpayers. That group alone paid 3.25 percent of all income taxes. In 2001, the bottom 50 percent paid nearly 5 percent whereas the top 0.001 percent of filers paid 2.3 percent of income taxes.
Explanation for those unable to comprehend: The top .001% or just 1400 people in the entire country pay 3.25% of ALL taxes, whereas the bottom 50% pay 3%. Further, the top .001% are paying more NOW than they did in 2001 and the bottom 50% are paying less.
So when we hear the worn out mantra of the left that Bush or Trump are giving tax breaks to the "richest 1%", it's not only not true, but the fact is the top 1% are paying MORE than their fair share. Don't they deserve a break? Many of them employ others, buy a lot of stuff and donate to charity. Between their taxes and spending, etc. they are major contributors to the economy. Why do people on the left think that taxing the wealthiest into oblivion will somehow irradicate poverty or improve the economy? How is it fair that the top 50% of payers pay virtually ALL the taxes? How do you give tax breaks to the bottom 50% who pay just 3% of ALL taxes?