Photo source: TexAgs
The recently elected brain trust on all issues fiscal, Alexandria Ocasio-Cortez, has decided that the top earners do not pay their “fair share” and should have 70% of their income stolen, er, taxed. The following information, obtained from the Americans for Tax Reform, indicate exactly how much the wealthiest do contribute:
According to the Congressional Budget Office:
-The top one percent of households pay 39.4 percent of federal income taxes and 26.2 percent of total federal taxes.
- The top 20 percent of households pay 88.1 percent of federal income taxes and 69.5 percent of total federal taxes.
- The top one percent of households pay an average income tax rate of 24 percent while the middle quintile pays an average income tax rate of 3 percent.
- The top one percent of households pay an average total tax rate of 33.3 percent while the middle quintile pays an average total tax rate of over 14 percent.
- The top 20 percent of households pay an average total tax rate of 26.7 percent while the middle quintile pays an average total tax rate of 14 percent.
Read more: The Top 20% of Households Pay 88% of Federal Income Taxes
