There has been a lot of discussion lately about the "rich" not paying their "fair share" of taxes. Who are the "rich"? You may be surprised. If you have a total household income of more than $83,000 you are in top 10 percent of America's richest households. And who is paying all of the taxes around here?
It just so happens that the top 1 percent of taxpayers pay 35 percent of all income taxes paid. The top 20 percent of all taxpayers pay 83 percent of all taxes. And the top 50 percent pay almost 96 percent of all federal income taxes.
In other words, the top 50 percent pay almost all income taxes, and the bottom 50 percent pay almost no taxes. You can't give a tax cut to someone who doesn't pay taxes. So... why do the "working poor" get so excited about tax cuts? They aren't paying anything anyway!
Read more here:
https://www.mackinac.org/article.aspx?ID=3466
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