Welcome to my first-ever tax blog!! My intent is to provide a bit of free education about taxes. But since reading about taxes is completely boring to most folks, my intent is to also make it entertaining. And if not, then to at least give us all something to mutually complain about!
So, who IS paying all the taxes??
According to the IRS (boy, it didn't take too long to type those three capital letters, did it?) here is who pays the taxes:
Oh yea. First. This is from 2017 tax data. Because that is the latest year that the IRS has compiled. Because they run way behind. Imagine what sort of trouble we would all be in if we ran three years behind!
38.47% of all federal taxes were paid by the top 1% of earners.
59.14% of all federal taxes were paid by the top 5% of earners.
70.08%, top 10% of earners.
The bottom 50% of filers paid just 3.11% of the tax.
How much do you have to make to be in the 1%? AGI of $515,371 qualifies you.
Now you know where you stand!
The more you make, the more you pay! But don't quit your job. You still get to keep more of your paycheck than the IRS does.