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New statistics from the IRS...

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New statistics from the IRS...
We have the highest percentage of taxes paid by the top 20% ever!

95% of federal taxes are paid by the top 20% of US citizens.

If the citizenry is divided into 5 sections, the bottom two or 40% pay nothing and in fact, receive tax credits from the federal government. The next section of 20 %, which is considered today as the Middle Class, pay taxes in the single digit range. The next two sections, or the top 20% pay 95% of federal taxes.

This means that only 5% of taxes are paid by 80% of US citizens or more correctly by 20% of 80% of citizens.

To catch all the millionaires and billionaires in a percent section by themselves, it would be maybe the top 3% of US citizens. Most of the rest of the top 20% are not millionaires, but are paying still part of the 95% of all taxes.

What is the fair share of the wealthy that the Left keep demanding be paid?

As to tax cuts: we have a Progressive tax in the US. Okay...this is going to be in a really simple lay explanation of how I understand cut me some slack, please.

As our tax progresses through the tax brackets of different percentages paid by the increasing income and non-income wealth of the citizen, their money gets taxed in a series of percent brackets as it adds up.

So...the first $100,000, let's say to keep it simple, gets taxed in the first percentage bracket. And the next $100,000 gets taxed in the second percentage bracket and so forth.

Any tax cut to the middle class will activate a tax cut to the upper class as their tax percentage goes through their earnings in increments. might appear that the wealthy are going to benefit from a tax cut to the less wealthy or middle class and in fact that is what happens, but only the first or second $100,000.

By the time a citizen hits millionaire status, their income and non-income (money earned from investments, etc.) gets taxed at a straight percentage and does not go through the incremental percentages.

Why am I writing this?

The US is accused of looking out for only the wealthy and it is said that the wealthy don’t pay their fair share and that tax cuts are for the wealthy at the expense of the middle class.

It simply is not so. And…this is just the federal tax. The top 20% gets hit up again at the state and county level. In many counties it is the property tax that creates the bulk of tax revenue and it is the wealthier citizens that own property.

The Democratic National Committee has been called to end their task of dividing us by race and gender and to return to keeping us divided by class. Race and gender has not panned out to give them the support of victims that makes Identity Politics their strength. Back to class warfare.

How can they in any sort of conscience demand more from the wealthy citizens of the US than what these new statistics show. And..of course these statistics do not show the generosity of most of our very wealthy citizens to their cities and counties and states.

Anyway…just FYI. If anybody is interested. Of course, I do not just come up with this stuff on my own, but the statistics are there and they reveal much about our tax system.

"The Ox is slow, but the Earth is patient."