During her presidential campaign, Sec. Hillary Clinton has repeatedly said she’d implement a tax system in which the wealthy “pay their fair share in taxes.” Expecting the rich to pay what is “fair” is not asking to much of them. But one question that is rarely considered is, “What if they already do pay their fair share?”
Before we can determine whether the rich pay enough we have to first ask what would be “fair.” How much of total tax revenues should, say, the top one percent of households pay? Five percent? 10 percent? 20 percent?
According to new IRS statistics from 2014 tax returns, the top one percent of households paid almost 40 percent of all income taxes collected by the federal government.
In 2014, 139,562,034 filed an income tax return, putting just under 1.4 million people into the category of “one percenters.” They earned 20.58 percent of all income and paid 39.48 percent of the taxes. The average adjusted gross income (AGI) for the group was $465,626 (the “poorest” people in the group had an AGI of $257,110).