10/01/2017

The real story about taxes

Since taxes are starting to become newsworthy because of Trump's tax plan, it might be a good time to take a look at some facts. According to the Tax Foundation (non-partisan) in 2016,
The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent).
The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent).
The top 10 percent of income earners paid a whopping 71 percent of all federal income taxes.
Think about that the next time you hear the mantra about the rich needing to "pay their fair share".