One of the mantras we hear from some politicians this year is that if elected, they will cut the taxes of 95% of all people and raise the taxes of the rich. Well, here is a breakdown of who pays the most taxes and who pays the least. (See the blog Carpe Diem for an explanation for the percentage of all income taxes.)
Top 1% pay 39.89% (Income $388,000+)
Top 5% pay 60.14% (Income $153,000+)
Top 10% pay 70.79% (Income $108,000+)
Top 25% pay 86.27% (Income $64,000+)
Top 50% pay 97.01% (Income $32,000+)
The bottom 50% Income less than $32,000 pay 2.99% of all income taxes.
The bottom 50% who make under $32,000 already pays almost no taxes so how can a President cut their taxes?
Second, it is the Congress that passes laws so a President cannot raise or lower our taxes.
Top 1% pay 39.89% (Income $388,000+)
Top 5% pay 60.14% (Income $153,000+)
Top 10% pay 70.79% (Income $108,000+)
Top 25% pay 86.27% (Income $64,000+)
Top 50% pay 97.01% (Income $32,000+)
The bottom 50% Income less than $32,000 pay 2.99% of all income taxes.
The bottom 50% who make under $32,000 already pays almost no taxes so how can a President cut their taxes?
Second, it is the Congress that passes laws so a President cannot raise or lower our taxes.
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