Sorry, AOC, Rich Already Pay Their Fair Share
17th September 2021
Polls rarely ask these people what a “fair share” looks like. Is a quarter of someone’s earnings enough? A third? Because the rich have been shouldering an increasingly larger share of the cost of government. The United States already has one of the most progressive tax systems in the free world. Those who make over $207,350 now pay 35% in income tax. Those who make $518,400 or more pay a 37% income-tax rate. At some point, taxation should be considered theft.
Despite perceptions, the highest-income strata of taxpayers are the only ones who pay a larger share of taxes than their share of income. In 2018, the top 1% of income earners made nearly 21% of all income but paid 40% of all federal income taxes. The top 10% earned 48% of the income and paid 71% of all federal income taxes.