Tax Day 2018 has made its triumphant return. This affords us the opportunity to take another look at the tax code and determine who is paying what and why we should really stop demanding the rich pay their so-called fair share.
Ahead of this tragic day of commemoration, The Wall Street Journal published an interesting report titled “Top 20% of Americans Will Pay 87% of Income Tax.” The numbers come from a recent study by the Tax Policy Center, or TPC.
Some have been quick to slam the newspaper, but the figures are quite accurate.
This year, U.S. households earning $150,000 or more will account for 52 percent of total income nationwide but they will cover most of the nation’s tab. And once you start diving deep into the income categories, you find out that the top 20 percent will pay 87 percent of taxes, which is up from 84 percent a year ago.
Despite President Donald Trump and the Republican Party’s tax plan, the rich are still paying more taxes. Yet, the left claims that the president is giving the prosperous a tax cut while starving the rest of America.
Be sure to also see:
IRS Data: The rich pay 80% of U.S. taxes
THANKS: Top 1% paid as much in federal income taxes as bottom 95%
6 random things for Friday (rich pay all the taxes, Paris Agreement, Evergreen madness)
“Despite President Donald Trump and the Republican Party’s tax plan, the rich are still paying more taxes.”
I will wait and see if the percentage the top 20% pay in 2019, goes up or down – that is when the Trump tax breaks show up in the data. You are a year early and incorrect on the tax plan effects.