Part of the dissension in this great country revolves around who is financing our government spending, coupled with the redistribution of wealth theory. Study after study has reported that the top 1% who earn approximately 15% of the income in this country pay almost 40% of all federal income taxes; those in the top 5% who earn approximately 27% of the income pay 64% of all of the federal income taxes; while those whose income is below $40,000 pay negative federal income tax. The Joint Committee of Taxation published Overview of the Federal Tax System as In Effect for 2014 and it projects that for 2014 higher-income households (approximately 20% of income tax filers) will pay practically all of the federal income tax. Those in the 100,000 or more of the income category will be paying nearly 95.2% of federal income taxes and 75.5% of overall federal taxes.
Wednesday, April 24, 2019 | 7:30 AM – 9:30 AM EDT | The Hartford Club