Tax Topic 6
High-Income Tax Burden
Hope this brings a little humor to the April 15th TAX DAY.
As of 2020 if you were in the top 1% of individual tax return filers, they paid 43.31% of all US income taxes. Highest 5% paid 62.74 of all income taxes.
This statistic really caught the attention of me and my clients:
At $152,321 of income, you are in the 10% of taxpayers and paid 73.67% of the taxes.
I guess this isn’t so funny!
David R Dye, CEP
804-745-4242