The majority of US households owed nothing in federal income taxes last year, while the top 1 percent of earners paid nearly half of all income tax, new estimates show.
Data published this week by the Tax Policy Center shows that 61 percent of households either owed nothing or gained money through credits in 2020, a 40 percent increase from 2019.
Meanwhile, the top 1 percent of earners, or those making more than $873,000 a year in taxable income, paid 46.4 percent of total federal income taxes, up from 37.5 percent the prior year.
Wow- I feel so great now knowing our household is in the top 1% of the country! My husband works 50+ hours a week, I have a single proprieter business and we paid $16,000 in Maryland & Federal taxes out of gross income of $101,000. Never mind we drive two cars with over 250,000 miles on them and can’t afford central A/C for our house. I did, however, purchase 3 window units this year from our fabulous store of wealth. I am only too happy to have paid taxes to enable other people to stay home.
10:05 – I feel your pain – I earned just over 103k as a private contractor. Paid over 48k in taxes (1099 work), and work every day just so I can support my county, state and country giving it all away to ‘progressives’, fruit loops, and degenerates.
So you are being taxed at 16%. That’s good.
August 22, 2021 At 10:05 Am
This article is complete bull$hit Anyone on unemployment owes both Federal and State taxes on the income
I made 68K and paid 20K in all taxes combined, which comes to roughly 30% taxes.
That article is full blown, total, propaganda BS.
Buffett? Gates? Bezos?…..
Together, they are worth maybe 500 BILLION.
The taxes they paid are at level of a mid-manager in a small company.
REMEMBER, while your “leaders” call for the rich to pay their “fair share”, those same slimy, alcoholic, pedophile “leaders” WROTE THE BILLS that allowed them to pay so little.
They NEVER mention that, but you should know it, just the same….