"Twice in an interview on CNBC following the announcement of the President’s Build Back Better framework, Treasury Secretary Janet Yellen asserted that the taxes outlined for high-earning taxpayers and corporations by the framework (not to mention, the numerous tax breaks for news organizations, trial lawyers, unions and wealthy citizens of high tax states)
...Even on its face, the claim that the rich were under-taxed was always erroneous.
- The top 10 percent of taxpayers pay 70 percent of federal income taxes. What would be "fair?" 75 percent? 90 percent?
- The top one percent pays 40 percent of federal income taxes, despite earning only about 21 percent of total reportable income. Is that less than “their fair share?”
- Since 2001, the top 1 percent’s share of federal income taxes paid grew from 33 to 40 percent.
- Moreover, what goes unsaid in liberal framings of our tax system is that 50 percent of Americans pay virtually no (less than three percent of) federal income tax...Read all.
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