Fiscal Forecast America: Financial Markets and the Federal Budget
19th April 2023
According to data from the Internal Revenue Service (IRS, the federal tax agency), in 2019 the highest-earning 1.1% of American taxpayers—all with a taxable income of $500,000 or more—earned 21% of total taxable income. At the same time, they paid 40.4% of all personal federal income taxes. Since taxes on personal income account for 84% of all federal tax revenue, this very small segment of taxpayers pays 34.5% of all federal taxes in America.
Remember that the next time people like Bernie Sanders and Elizabeth Warren bitch and moan about rich people not paying ‘their fair share’.