One of the subjects that politicians and the main street media love to push is that the rich don't pay their fair share of taxes. But is that really true? I thought I would give you some real statistics and let you decide. Here is the latest data available from the IRS for 2021, in which the tax burden on high-incomers rose:
The top 1% of individual filers paid 45.78% of all U.S. federal income taxes, although they created only 26.3% of the total adjusted income. These are people that had an AGI of more than $682,577.
The highest 5% paid 65.64% of total income tax, while the only created 41.99% of the total adjusted income and had an AGI of more than $252,840 or more.
The top 10% with an AGI of at least $169,800 paid 75,81% of the taxes while creating 52.61% of all individuals' total adjusted gross income. Yes, the top 10% of taxpayers pay over 3/4 of all the federal taxes.
On the other hand, the bottom 50% of tax filers paid just 2.34% of the total federal income taxes. There share is low because of the refundable credits (free money given to these filers). Filers in the bottom half of all individual taxpayers have an AGI of below. $46,637.
So, there you have it. Do you still believe that the more well off of those among us don't pay their fair share of the income tax burden?