In 2019, the top 1% covered 38% of the total federal income tax burden.
#149 | POSTED BY MADBOMBER
That's meaningless propaganda to convince morons the rich are overtaxed.
Here's why it is meaningless:
100 people. 99 of them earn $1, one earns $10,000. Tax rate is 10%.
99 people pay .10 one person pays $1,000. Total taxes is $1,009.90. The top 1% pays 99% of the taxes. Again a meaningless statistic.
"The Stat is literally true. But it is deeply misleading " so misleading, in fact, that it routinely fools even the people who are citing it into thinking it indicates something other than what it actually means.
The first problem with The Stat is that it makes no reference to the proportion of income the rich earn. The juxtaposition between one percent and 40 percent is meant to convey the idea that a small number of people are carrying a gigantic and disproportionate burden, but the figure lacks any context when it omits how much money they earn in the first place.
Second, and worse still, The Stat ignores the fact that income taxes are just one component of the federal tax system, and federal taxes are just one component of the total tax system. The federal tax system is far more progressive than state and local taxes, which rely heavily on regressive burdens like sales taxes. (It's harder to impose progressives taxes at the state or local level, since rich people moving to a different town or state is relatively easy, while leaving the country is more burdensome.)"