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I think you are reading this incorrectly. The AGI of all the top 1% of earners is $2.3 Trillion. The chart can be confusing.
You only need a personal AGI of $515K to be in the top 1% of earners.
More from your article:
Quote:
In contrast, the top 1 percent of all taxpayers (taxpayers with AGI of $515,371 and above) earned 21.0 percent of all AGI in 2017 and paid 38.5 percent of all federal income taxes.
Not a fan of this, especially in light of it be ex post facto.
I'd be concerned if I didn't laugh at the various lip-service empty proclamations that come out of Biden to keep the far left appeased that he is "doing something". Guns...detention camps...minimum wage....
Just look around, all the progs like AOC have been firmly put back in their place and Biden just has to throw them a little morsel once in a while.
Why should wealthy be able to reduce taxes on millions to 20% while middle class pays 30% on salary.
Ugh. You obviously know NOTHING about taxes. Middle class pays nowhere near 30%. You don't look at a marginal rate. You look at effective rates. That takes your total tax divided by your AGI. It's so you can compare apples to apples. Middle class effective rates are more like 11-18%. Not anywhere NEAR 30%.
AND no higher earners pay 20% in capital gains. Thanks to your savior Obama, they have to pay an additional 3.8% on cap gains so the minimum for them is 23.8%. And just while I am at it, I am going to correct ANOTHER fallacy liberals keep spreading. On restricted stock (as it unvests) and stock options as you sell, you pay full income tax rates. So all those CEO's that you love to hate pay 37% on their stock sales and vesting (and any applicable state taxes).
Ugh. You obviously know NOTHING about taxes. Middle class pays nowhere near 30%. You don't look at a marginal rate. You look at effective rates. That takes your total tax divided by your AGI. It's so you can compare apples to apples. Middle class effective rates are more like 11-18%. Not anywhere NEAR 30%.
AND no higher earners pay 20% in capital gains. Thanks to your savior Obama, they have to pay an additional 3.8% on cap gains so the minimum for them is 23.8%. And just while I am at it, I am going to correct ANOTHER fallacy liberals keep spreading. On restricted stock (as it unvests) and stock options as you sell, you pay full income tax rates. So all those CEO's that you love to hate pay 37% on their stock sales and vesting (and any applicable state taxes).
Well, a hedge fund manager with say a 1 billion + compensation pays 23.8% tax rate on that compensation. Why is that? I'll wait
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