The most recent IRS statistics are out and the analysis is in, who are paying our taxes? At least from 2018…
IRS statistics from 2018 show that the top 1% of taxpayers (more than $540,000 in income) paid 40.1% of all individual income taxes; the top 5% (about $218,000 in income) paid 60.3%. The lowest 50% paid less than 3%.
How much higher than 60% will satisfy calls for the rich to pay their “fair share”? The top 50% of taxpayers are paying 97% of the taxes and the bottom 50% are riding basically for free.
Buffet may pay a lower tax percentage than his secretary, but he does pay in more dollars in taxes. It is all a matter of perspective.