Not the rich. In point of fact, the overall tax structure in this country is highly regressive.
When you add up all the taxes, this is how it breaks down, by income percentages:
Those in the lowest 20% of income pay 10.9% of their income in taxes.
Those in the bottom 20-40% pay about 9.9% of their income in taxes.
Those in the middle 20% pay about 9.4% of their income in taxes.
Those in the top 20-40% pay about 8.4% of their income in taxes.
Get the drift, here? It goes on.
Top 20-5% pay about 7.4%
Top 4-1%: 6.8%
The top 1%: Only 5.2%
Think about that the next time you see a Fox News blatherer or someone from the party of Hoover going on about how the rich pay too much in taxes.
It's all bullshit. And the burden on the poor is the highest, predictably, in states that rely heavily on sales taxes.
Smarter than
1 day ago
"When you add up all the taxes"
ReplyDeleteWell, aside from the Federal ones. The numbers didn't make any sense to me until I went and browsed the source document and found that they were only discussing state and local taxes.
They do account for the Federal tax credit on state and local taxes, which makes the system particularly regressive.
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