Updated: Who's paying taxes with the new tax code?
Bottom Line: You likely don't need me to tell you that there's a ton of misinformation involving the new tax law, and who pays what in taxes generally. Here's a quick reminder of who pays what based on the most recent available information from the IRS:
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?
42.9% don't pay any net federal income tax
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. That being said here's an update on the new tax law's impact on the tax burden going forward.
According to the Tax Policy Center...
2.3 million fewer households will have any federal income tax burden
45% of all households will have zero federal income tax liability
In other words, the new tax law only further placed more of the burden on upper income earners – in direct contrast to the lies perpetuated by Democrats and those complicit in their lies in the media.