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by pwagland
3042 days ago
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However the top 1% also earn more income that the 90% of the bottom combined, doesn't it make sense that they pay equivalent amounts of tax? Paying a similar proportion is not exactly the same as "having their wallets out". And I understand that if you are in that 1% then there is a lot of tax being paid… but there is even more being kept. But you are 100% correct, there are many ways to transfer "wealth" from one generation to the next, inheritances are not the only way to do it. All of what you mention are absolutely ways that you can use the wealth of the parents to increase the chances of the child. You just need to look at the kids of the rulers in the old communist states to see that! And indeed, even in countries with high inheritance taxes, the richest families tend not to change much inter-generationally, I suspect largely for the reasons that you raise. |
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The top 1% of earners account for ~20% of all income but pay about 40% of all income taxes. The bottom 90% account for about 50% of all income but pay about 30% of all income taxes.
45% of Americans pay no (or negative) Federal tax.
So yes, I think even if it’s a constant percentage (which it’s not) I do respect the top 1% of earners for their massive contribution to our tax base. I don’t personally believe the government has a moral authority to a progressively larger percentage of a person’s incone. And I do believe a person who works harder to earn a larger paycheck is absolutely subsidizing Americans who pay no Federal tax at all, and I’m very thankful for the 1% who pay 40% of the load.
https://taxfoundation.org/summary-latest-federal-income-tax-...