America's Highest Earners And Their Taxes Revealed

[neverfstop]

I think some of this info is old, but they republished it and it's a good (bad?) reminder of the ultra wealthy.  Spoiler- Lebron James at $96M doesn't crack the Top 400 earners.  I was surprised that these people, with earned income, payed about a decent amount in taxes.

Also again, I think we need a wealth tax since most of them aren't paying taxes every year. 
  
projects.propublica.org/americas-highest-incomes-and-taxes-revealed/

http://instagram.com/p/CcWg7i_JJ0-

In a progressive tax system, the more income you make, the higher your tax rate is. But in the U.S., that’s only partly true. On average, the rate of income tax that people pay does climb as incomes ascend into the top 1%, but when you get to the range of $2 million to $5 million, that trend stops.



The group earning in this range, composed mostly of business owners and workers with extremely high salaries, paid an average income tax rate of 29% from 2013 to 2018. After that, average tax rates actually drop the further up in income you go.



Collectively, the top 400 paid an average tax rate of 22% from 2013 to 2018.

[neverfstop]

This is also a really striking video of how the top tax rates have plummeted over the years

http://instagram.com/p/CbYMb7Nj-1N

[isabel]

Apr 15, 2022 6:34:24 GMT -5 neverfstop said:

This is also a really striking video of how the top tax rates have plummeted over the years

http://instagr.am/p/CbYMb7Nj-1N

Wow. And how the tax on lower earners has gone up.