As if April 15th wasn’t depressing enough the WSJ reminds us that the top 20% of earners pay 84% of the income tax. The bottom 20% get’s paid by Uncle Sam.
Who pays what in income taxes? With April 15 just around the corner, filers may be curious about where they fit into the system as a whole.
The individual income tax remains the most important levy in the U.S., providing nearly half of federal revenue. This is unusual: On average, developed nations get only one-third of their revenue from income taxes. Typically they also impose national consumption taxes, such as a value-added tax, that raise as much revenue as their income tax.
Latest posts by E.J. Smith (see all)
- The Rich and Famous: How to Invest Like Jay Leno - September 19, 2019
- This is Why Vanguard is Too Big - September 18, 2019
- Your Retirement Life: To Everything There is a Season - September 17, 2019