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How is the upper class not being taxed when the top 1% of taxpayers pay almost 1

  1. profile image54
    Jaxonwittposted 17 months ago

    How is the upper class not being taxed when the top 1% of taxpayers pay almost 1/2 of income taxes?

    Data from https://www.google.com/amp/www.cnbc.com … taxes.html

  2. lisavollrath profile image95
    lisavollrathposted 17 months ago

    The richest 1% of Americans own 35.6 percent of all private wealth. The next 19% owned 50.5%. That means the top 20% of Americans own 85% of the country's wealth, and the bottom 80% of the population owns 15%.

    A person making $10,000/year is taxed at 15%. That means they pay $1,500, reducing their income to $8,500. This puts undo hardship on someone who is already under the poverty line.

    A person making $500,000/year is taxed at 39.6%. They pay $198,000, reducing their income to a paltry $302,000. How is this a hardship? Is it a struggle to live on $302,000/year?

    The wealthiest Americans also have their Social Security taxes capped. They don't pay them for anything over $120,000.

    Proportionally, there's a wide difference between what the rich pay, and what the poor pay---but realistically, the rich can better afford to pay more than those who are barely making enough to get by. If the top 20% have 85% of the wealth, they should be paying 85% of the taxes.

    1. profile image54
      Jaxonwittposted 17 months agoin reply to this

      I agree with your points, but why are the wealthy taxed more whenever they are the successful ones? How can success be condemned?

    2. lisavollrath profile image95
      lisavollrathposted 17 months agoin reply to this

      With success comes responsibility. America cannot be "I've got mine, now to hell with the rest of you". If you build wealth, you should also bear a greater responsibility for building the country that allows you to earn that wealth.

 
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