Tax Facts

STOP!

Before reading any further, ask yourself one question:

Am I lower, middle, or upper class?

How many times have you heard politicians spout about the rich not paying their fair share? How many times have you heard these same politicians define what constitutes “rich” or what exactly makes up a “fair” share?

Here are a few facts about the taxes we pay in the United States.

Upperclass is now defined according to the following income statistics:

Household of one: Minimum of $72,126
Household of two: Minimum of $102,001
Household of three: Minimum of $124,925
Household of four: Minimum of $144,251
Household of five: Minimum of $161,277

Top 1% Adjusted Gross Income: $465,626
Top 10% Adjusted Gross Income: $133,445

The top 1% earns around 22% of America’s gross income, yet pays 38% of total income tax revenue.

The top 10% earns 48% of total income but pays 70% of total income tax revenue.

The top 50% earns 89% of total income and pays 97% of all income tax revenue.

This means the bottom 50% of wage earners make up 11% of total income, but they pay only 3% of tax revenue. And…

The bottom 99% of income earners comprise 78% of gross income and yet pay only 62% of all income tax revenue.

Tell me again about the rich not paying their fair share?

-John Anchor

Follow us on Twitter @JohnAnchorBLOG

References:

Upperclass Defined

http://www.cnbc.com/2017/03/20/heres-how-much-you-have-to-earn-to-be-considered-upper-class.html

Top 1% Top 10% AGI

https://www.irs.gov/pub/irs-soi/16taxstatscard.pdf

% of Income Tax and AGI

https://www.irs.gov/pub/irs-soi/soi-a-ints-id1506.pdf

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