Who really pays the bulk of individual federal income taxes?
I ask that question because the Democrats presumptive presidential nominee Joe Biden recently said we’re “asking the wealthiest Americans to pay their fair share.”
Let’s look at the facts. The latest IRS figures show us this: the top 1 percent of taxpayers paid 38.5 percent of all federal individual income taxes. The top 50 percent of taxpayers paid 97 percent of those taxes.
Contrary to VP Bidens rhetoric, the facts clearly show us two things. One, the highest income earners already pay the most. And two, the U S already has a very progressive individual income tax.
