Joe Biden complained about the top 1% of earners taking home 22% of the income in the US. What he didn't tell you is that the top 10% of earners also pay 73% of income taxes. Is this what he means by "tax equity?"
The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners -- households making an average of $366,400 in 2006 -- paid about 73 percent of the income taxes collected by the federal government.
The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.
Is it no wonder that the demand for government services continues to rise when many of the recipients bear increasingly less and less of the burden required to provide them?
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