Thanks, wealthy Americans?
According to a new study the Urban-Brookings Tax Policy Center, 61 percent of U.S. taxpayers paid no federal income taxes in 2020, up from 44 per cent in the previous year.
Study authors say that the share of Americans not pay income taxes will stay above 50 percent in 2021. But it is forecast to decline to 42 percent next year and remain in this range for a few more years.
Howard Gleckman, a Tax Policy Center fellow, said in an interview with CNBC
“Imagine somebody who would have owed $1,500 in 2020 income tax until they got two stimulus payments — $1,200 in April and $600 in December. That threw them into the category of nonpayers. While the payments resulted in a large percentage increase in their after-tax income, the dollar amount of their tax cut was only a tiny fraction of a high-income filer who received a tax cut of, say, $30,000 from the 2017 [Tax Cuts and Jobs Act], yet still owed some tax.”
So, who’s paying the nation’s bills? Courtesy of Liberty Nation:
“The top 20% of taxpayers covered close to 80% of federal income taxes, and the top 1% paid more than one-quarter (28%) of taxes.”
The rich are not paying their fair share? They’re paying more than enough.
Leave a Comment