alt Hacker NewsThe idea that rich people don't pay taxes is a myth. The top 5% richest people in America account for 60% of all of the federal income tax. The bottom 50% on the other hand only account for a total of 3%.
When Elon sold a bunch of Tesla stock in 2021 he paid $11 Billion in capital gains tax on it... That's more than entire cities worth of people combined would ever pay for the rest of their lives.
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triceratops • today at 8:29 PM
> The top 5% richest people in America account for 60% of all of the federal income tax
I see this repeated all the time and it's worthless without context. What percent of all income do the top 5% earn? What's their share of national wealth?
drivebyhooting • today at 7:01 PM
5% richest includes hand to mouth workers earning $100k.
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Can you share a source? Of course the top 5% of _earners_ would pay more, but that's not necessarily the same crew as the top 5% in net worth. And 5% is a large share of the population. I'd be more interested in the top 1% of 1% in terms of wealth.