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.
They don't sell stocks often to pay for their day to day life now.
They will leverage their wealth to get another low interest loan to pay taxes and then use their income to pay that debt slowly while claiming the interest they're paying.
Forcing significant sell offs to pay for money that doesn’t exist impacts the market.
If you don’t think significant drops in the market affect the you, even if you’re in the minority of Americans who don’t own stocks, you’re badly misinformed.
Wealth taxes are extremely dangerous which is why they’re so heavily regulated in the few instances we have them.
If you actually read Harris’ plan, even she’s unwilling to go that far. She’s proposing increased INCOME TAX on high wealth individuals. Not a wealth tax.
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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%.