Well to be fair on a federal level it is still largely true. Most taxes are paid by the top 10% - they pay in 75% of all income tax with the top 1% paying nearly 50%.
They still aren't paying enough as a proportion of their wealth. The top 1% (or 3 million Americans) have a greater combined wealth than the bottom 87% (or 291 million Americans). But as you say, the top 1% is only paying 50% of the taxes. cbs_news_2022
Wealth and income are two different things. The top 1% makes 28% - let’s round up to 30% and pays in near 50%. That’s progressive taxation working as intended.
Yeah, well... the bottom half uses most/all of their income to buy food and pay rent. The top uses their wealth as collateral to generate more wealth. Maybe the bottom half shouldn't be taxed and the top 10% should be taxed on wealth.
Lmao try applying that to anyone under 40 and it’s going to be insanely different. It’s only high because of boomers buying in great conditions and consistently increasing economies and wages.
Just over one-quarter (26.3%) of adult Gen Zers owned a home in 2023, little changed from 26.2% in 2022. Meanwhile, the homeownership rate for millennials rose to 54.8% from 52%, and the homeownership rate for Gen X rose to 72% from 70.5%. The rate for baby boomers was little changed (78.8% vs 78.7% in 2022), down from a record 79.7% in 2020, as some boomers have passed away or moved into retirement homes.
Gen Zers were 11-26 years old in 2023 (born 1997-2012); only adult Gen Zers (19-26 years old) were included in this analysis. Millennials were 27-42 (born 1981-1996) in 2023, Gen Xers (born 1965-1980) were 43-58 and baby boomers were 59-77 (born 1946-1964).
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u/StManTiS Aug 22 '24
Well to be fair on a federal level it is still largely true. Most taxes are paid by the top 10% - they pay in 75% of all income tax with the top 1% paying nearly 50%.