Throughout the recent tax debate, we were treated to endless sanctimony from the Left on the need for "The rich" the pay their "Fair share." But how much do different income groups actually pay in federal income taxes, and when is it ever enough? On top of that, how much are other income groups getting in wealth-redistributing welfare programs?
On Monday, the CBO published a revealing report of income, tax rates, and transfer payments divided by income levels.
The bottom 40 percent have pay no taxes and yet are getting money out of the tax system, meaning that some of the taxes paid by the wealthy are directly redistributed to the bottom 40 percent through refundable tax credits.
Conversely, the Joint Committee on Taxation found that the top 0.3 percent of income earners will shoulder even more of the tax pie in coming years, thanks to the reduction in taxes for most other income earners.
Contrary to liberal dogma, all the tax reform bills enacted in recent decades, including the Reagan and Bush tax cuts, made the code even more progressive.
According to the latest CBO data, in 1979, the top one percent paid 18.4 percent of the income tax pie, whereas now they pay a whopping 40 percent.
The other part of the CBO report calculated the degree of wealth redistribution through welfare programs from the wealthy to low-income earners - after tax redistribution.
https://www.conservativereview.com/articles/part-fair-share-doesnt-left-understand/
On Monday, the CBO published a revealing report of income, tax rates, and transfer payments divided by income levels.
The bottom 40 percent have pay no taxes and yet are getting money out of the tax system, meaning that some of the taxes paid by the wealthy are directly redistributed to the bottom 40 percent through refundable tax credits.
Conversely, the Joint Committee on Taxation found that the top 0.3 percent of income earners will shoulder even more of the tax pie in coming years, thanks to the reduction in taxes for most other income earners.
Contrary to liberal dogma, all the tax reform bills enacted in recent decades, including the Reagan and Bush tax cuts, made the code even more progressive.
According to the latest CBO data, in 1979, the top one percent paid 18.4 percent of the income tax pie, whereas now they pay a whopping 40 percent.
The other part of the CBO report calculated the degree of wealth redistribution through welfare programs from the wealthy to low-income earners - after tax redistribution.
https://www.conservativereview.com/articles/part-fair-share-doesnt-left-understand/
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