New Yorkers from Rep. Alexandria Ocasio-Cortez’s district who spoke with Fox News overwhelmingly stated the wealthiest individuals in America pay amongst the lowest tax charges in the nation, which isn’t supported by info.
“We’re paying too much taxes,” a girl named Lavasquez recommended Fox News. “The lower and middle classes, we’re working our butts off and we’re paying so much taxes, and then you’ve got the upper class and they’re not paying anything.”
“Its totally unfair,” stated Richard, who works in info analytics. “The bottom percentile of individuals are probably paying the bulk of the taxes whereas you have millionaires and billionaires being able to avoid their share.”
The wealthiest people are “definitely paying the bare minimum if any,” he continued. “I would assume it’s about 5%, if that.”
Last week, House Democrats unveiled a proposal to boost taxes on the extreme sliver of U.S. households. The proposal is a part of a sweeping plan to overtake the nation’s tax code in order to fund President Biden’s $3.5 trillion spending invoice that choices household and native local weather change initiatives.
Under the plan launched by the House Ways and Means Committee, the extreme express particular person revenue price would climb to 39.6% for the wealthiest people and households. The proposal rolls as soon as extra a key a part of Republicans’ 2017 tax overhaul, which lowered the extreme express particular person revenue price to 37%.
“I don’t think rich people pay enough taxes,” an audio-visual engineer from New York’s 14th Congressional District stated. “They make way too much to get away with making so little.”
An particular person named Calvin recommended Fox News: “It basically depends on who you know. There’s a reason why shell companies exist, that’s how you evade taxes.”
One man, Manny, stated he thought taxes all by means of the board have been “too high” already. He recommended Fox News he was was positive the rich “pay their fair share.”
Most individuals stated they wished a “fair” reply when Fox News requested how much the rich should pay.
“They should be paying the same amount of taxes as the middle and lower class are,” Lavasquez stated. “That way it gives us equal share and no one is feeling singled out.”
Richard recommended Fox News: “If I’m paying a third of my income to taxes, why not the same be applied to millionaires and billionaires? If that’s not fair, then what is?”
Another man stated: “It’s not fair to ask them to pay much more than everyone else. I wouldn’t ask for something crazy like half of your money … keep it under 20% and it would be good.”
According to a Congressional Budget Office report, the extreme 1% of earners paid a median federal tax price of 32% in 2017. Tax charges that yr declined with revenue, with the poorest 20% paying a median tax price of 1%. The Tax Policy Center discovered related outcomes.
In 2018, the extreme 1% of revenue earners — individuals who earned greater than $540,000 — earned 21% of all U.S. revenue whereas paying 40% of all federal revenue taxes, in line with a Tax Foundation analysis. The group paid additional in revenue taxes, about $615 billion, than the backside 90% of taxpayers mixed, or $440 billion.
The extreme 10% earned 48% of the revenue and paid 71% of federal revenue taxes, the info confirmed.
The share of taxes shouldered by the nation’s richest people has climbed over time.
In 2001, as an illustration, the extreme 1% accounted for 33.2% of the nation’s express particular person revenue taxes, in line with the Tax Foundation. From 2001 to 2018, the share paid by the backside 50% of taxpayers fell to some% from 4.9%.
Teny Sahakian is an Associate Producer/Writer for Fox News. Follow Teny Sahakian on Twitter at @tenysahakian.
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