Updated: Who pays taxes:
Bottom Line: One thing that hasn't changed, as we wade ever deeper into the tax reform debate, is that those who earn the most pay an overwhelming share of taxes in this country. The narrative that "the rich" don't pay their fair share and should be paying more is demonstrably false and is nothing more than socialistic BS. As an aside, it's unfortunate to at least hear the President playing into the narrative as the final touches are being put on actual legislation to reform our tax code. Nevertheless, now that the fiscal year is behind us for 2016-2017 (it ended in September), the feds have released who paid what for the previous year
(2015). Here's the breakout:
Top 1%: 39% of all federal taxes paid
Top 5%: 60% of all federal taxes paid
Top 16.8% (all who earned $100k or more): 80.6% of all taxes paid
So, what about those earning under $50k?
61.4% of the population earned $50k or less. The percentage of taxes paid...5.4%
It's plain as plain can be that upper income earners foot almost the entire bill for the federal government and yet we continue to have the tired and demonstrably false argument that "the rich don't pay their fair share" advanced. It's cheap, it's easy and it's perpetuated by a complicit media and education system that doesn't inform you of the truth.