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No. of Recommendations: 16
We need to talk taxes. Raising them. A lot. Especially on the wealthy who have received the windfall of cuts since the 80

That's always been the populist cry....TAX THE RICH!! MAKE THEM PAY THEIR FAIR SHARE!!

Rolls right off the tongue and always a popular refrain. One problem...it isn't true.

From the IRS Statistics of Income...

For 2018, the top 1% of AGI paid about 39% of all collected Fed Income Tax
For 1996, the earliest year for which the SOI has data, the top 1% paid 7.7% of all Fed Income tax

For 2018, the bottom 8% of those with an AGI who filed, paid .2% of Fed income tax
For 1996, the bottom 10% of those with an AGI who filed, paid .5% of Fed income tax
not much difference

For the middle 20% to 70% of all returns with a positive AGI
For 2018 they paid 15.8% of Fed income tax
For 1996 they paid 45.6% of Fed income tax

The tax burden hasn't changed for the lowest AGIs, but has shifted from the middle class to the highest AGIs for this 22 year span.

Now, I'm not saying the highest AGI households should or shouldn't pay a higher effective tax rate. Maybe they should, maybe not. But keep in mind, the incomes of the top 10% of AGIs are fluid. There are a multitude of ways high incomes can be worked around by those with the resources and willingness to do it.

I know the 'TAX-THE-RICH' crowd doesn't like to hear it, but this country does not have a tax problem....it has a spending problem. And with the Spender-in-Chief currently in the White House surrounded by a Buy-the-votes Congress, this spending is only going up.

BruceM
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