I respect your opinions immensely, Jim. But I disagree on this subject. The numbers are pretty easy to find. I believe the Pew Research Center is nonpartisan like they claim.
According to them,
People reporting over $250,000 income filed 2.7% of the returns filed. They paid 51.6% of income taxes paid to the government. Their average tax rate was 25.7%. That group will include a lot of posters here.
People reporting less than $50,000 income filed 62.3% of the returns filed. They paid 5.7% of income taxes paid to the government. Their average tax rate was 4.3%.
Those in the middle, between $50,000 and $250,000 filed 35% of the returns and paid 42.7% of income taxes.
So the top 3% paid over half the taxes. The next 35% paid 42% of the taxes, and a the bottom 62% paid less than 6% of total taxes.
If you try to stimulate the economy it is pretty hard to give money to 62% of the population. A lot of them already get tax refunds in excess of their withholding. Giving them more doesn't do much but bring more consumer goods from China.
If you look at all people reporting over $100,000 per year, that is 16% of the filers, and they paid 79.4% of income taxes. If you make over $100,000 per year are you rich? I think lots of folks making a little over $100,000 per year are seeing a tax cut.
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