In a piece from CNN Money yesterday, author Steve Hargreaves talks about how contrary to popular viewpoint, the rich are the ones that pay most of U.S. earnings taxes.
They currently contribute about 70 % of the total amount of income taxes gathered by the UNITED STATE government, up from the 55 % they contributed in 1986. These figures come from the Tax Structure – “a right-leaning think tank.”
While the rich pay most of earnings taxes, the continuing to be 90 % of the population contributed just 30 %.
According to the piece, there are numerous even more taxes to pay now than there were in the 1980s. There are several tax brackets and tax credits for the poor, which have actually increased. But it’s not like the rich do not get their own tax breaks, “in reality, the Tax Policy Center discovered last year that there are about 4,000 houses with incomes over $1 million that weren’t paying anything at all.”
That’s interesting to consider, in conjunction with this video that was making major rounds in the media about a week ago:
The gap in between the affluent and the poor is raising, with the top-earning 1 % of Americans managing 40 % of the entire nation’s wide range. According to the video, the bottom 80 % of Americans own just 7 %.
While the richest contribute 70 % of earnings taxes, they likewise earn substantially more. So it’s still beneficial to ask: are they contributing “sufficient” taxes in proportion to how much they are earning?