They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which are regressive and impact lower income citizens more.
Your statement implies that the top 1% pay 42% of all taxes, which is untrue. When called out on your lie of omission you cried like a removed and tried to shift the goalposts to seem like you didn’t lie.
The top 1% pays 42% of taxes.
They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which are regressive and impact lower income citizens more.
https://taxfoundation.org/data/all/federal/us-tax-revenue-by-tax-type-2020/
https://www.bench.co/blog/tax-tips/fica-tax
https://www.investopedia.com/terms/r/regressivetax.asp
Fair correction. So, you’re saying they do pay taxes?
Edit: do you consider corporate taxes part of the 1%, or nah?
Keep shifting the goalposts. That’s how you win, right? How’s that boot leather taste?
I’m not the one that shifted them. What was the comment I first replied to? I’ll wait.
Your statement implies that the top 1% pay 42% of all taxes, which is untrue. When called out on your lie of omission you cried like a removed and tried to shift the goalposts to seem like you didn’t lie.
That’s the truth, 110%.