Bloomberg / The Quint reports on 2016 income tax statistics. The income tax is where the US government gets most of its money, and as it turns out:
- The top 1 percent paid more in individual income taxes (37.3%) than the bottom 90% put together (30.5%)
- 97% of the total amount in income taxes comes from the top 50% of all tax payers
In other words, the bottom 50 percent paid 3 percent. Which small percentile of tax payers also paid 3 percent or more? You might have guessed it. It is the top 0.001%, or about 1,400 taxpayers. That group alone paid 3.25 percent of all income taxes. In 2001, the bottom 50 percent paid nearly 5 percent whereas the top 0.001 percent of filers paid 2.3 percent of income taxes.
Socialists may be surprised to learn that the infamous “1%” are actually the people paying for all their “free” stuff, and chasing them away with high taxes will mean having to drastically shrink the government. You can’t keep taking money from people who don’t live in your country anymore. But of course, if the left understood this, there would be no left.
Which reminds me of this classic exchange from 2015 between Neil Cavuto and ‘Million Student March’ organizer Keely Mullen, who advocates “free” college and intends to rob the 1% blind to pay for it. And then when the 1% leave, move on to the next 1%: “Well, there will always be a 1%. in America”