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Thumb of Michigan | I volunteer at local United Way office where folks making less than $60K a year can get their income taxes done for free. So, I get to see a lot of 1040s, where people pay little or nothing into the income tax system but get credit/refund (I find it hard to calling it a refund, if you haven't paid in, but that's what is usually called).
The other day I read a piece from the IRS, that mentioned that the top 1% of taxpayers (think of returns), paid more in taxes than (I found this eye opening) the bottom ______ %. I'll let you guess the answer, the actual number I put below.
Here's another article with a look at the amount of taxes paid by different folks. The claim is the bottom 10% pay no taxes, the next 10% pay a negative 4.8%, while the nest (20-30% group) pay 2.8%. You might be adjusting your previous guess by now. The most amazing number to me is the break point for the top 10% of taxpayers, being $136,000 (with an average tax rate of 27% federal taxes only).
https://www.msn.com/en-us/money/markets/counterpoint-high-income-ear...
BTW, lastly, the answer to the above question 90%. | |
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Are high wage earners paying enough taxes?
