Tax Day 2019 – Updated – What we pay in taxes
Bottom Line: One thing that hasn't changed, as we arrive at Tax Day 2019, 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 isn’t supported by facts. There are two sides to stories and one side to facts. For the previous tax year, here's the breakout:
- Top 1%: 37% of all federal taxes paid
- Top 3%: 51% of all federal taxes paid
- Top 10%: 70% of all federal taxes paid
Now about the bottom 50%
- Half of the population and 3% of federal taxes paid
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 those with political agendas along with a complicit media that doesn't fully inform you of the truth. Ironically enough, you don’t need Bernie Sanders for socialized policy – the progressive tax code already provides it.