{"id":9422,"date":"2024-02-17T17:28:29","date_gmt":"2024-02-17T22:28:29","guid":{"rendered":"https:\/\/granitestatetaxpayers.org\/gst\/?p=9422"},"modified":"2024-02-17T17:40:46","modified_gmt":"2024-02-17T22:40:46","slug":"do-the-rich-pay-their-fair-share","status":"publish","type":"post","link":"https:\/\/granitestatetaxpayers.org\/gst\/do-the-rich-pay-their-fair-share\/","title":{"rendered":"Are the Rich Paying Their Fair Share?"},"content":{"rendered":"<p><strong>Advocates for higher taxes say they want to &#8220;Make the Rich Pay their Fair Share.&#8221; <\/strong><br \/>\nThey make the same &#8220;Not Paying their Fair Share&#8221; argument against any attempt to reduce tax rates.<br \/>\nThat&#8217;s a seductive talking point for advocates of bigger government, but it&#8217;s hardly true.<\/p>\n<p><strong>The US tax code is progressive so that high earning taxpayers pay high shares of total taxes.<\/strong><br \/>\nWhen <em>GST<\/em> posted <a href=\"https:\/\/granitestatetaxpayers.org\/gst\/understanding-politics-of-tax-reform\/\" rel=\"noopener\" target=\"_blank\"><strong>&#8220;The Politics of Tax Reform&#8221;<\/strong><\/a>, on October 19, 2017, the distribution was as follows:<br \/>\n&#8211; Top 10% of taxpayers paid 69% of taxes<br \/>\n&#8211; Top 20% of taxpayers paid 81% of taxes<br \/>\n&#8211; Bottom 60% of taxpayers paid 3% of taxes<br \/>\n&#8211; Bottom 40% of taxpayers paid nothing.<\/p>\n<p><strong>Reducing tax rates (Kennedy, Reagan, Clinton, Bush, Trump) leads to income and investment growth.<\/strong><br \/>\nAlso, they result in higher proportions of total taxes being paid by high income taxpayers.<br \/>\nThat effect is evident in IRS data following passage of the <strong><a href=\"https:\/\/granitestatetaxpayers.org\/gst\/tax-cuts-jobs-act-signed\/\" rel=\"noopener\" target=\"_blank\">Tax Cuts &amp; Jobs Act<\/a><\/strong> in December 2017.<\/p>\n<p>The <a href=\"https:\/\/committeetounleashprosperity.com\/hotline\/\" rel=\"noopener\" target=\"_blank\">Committee to Unleash Prosperity <\/a>reported:<br \/>\n<a href=\"https:\/\/committeetounleashprosperity.com\/hotlines\/what-trump-tax-cuts-for-the-rich-the-wealthy-paid-more-taxes-not-less\/\" rel=\"noopener\" target=\"_blank\"><strong>What \u201cTrump Tax Cuts for the Rich?\u201d the Wealthy Paid More Taxes, Not Less<\/strong><\/a><br \/>\nPrior to Trump tax cuts the richest 1% paid roughly 40% of income taxes. Now they pay more than 45%.<br \/>\nThe chart also shows that the top 1% paid more of the tax burden after Reagan cut the highest income tax rate from 70% to 28%.<br \/>\n<a href=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2024\/02\/Lower-Tax-Rate-Higher-Income.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7258\" src=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2024\/02\/Lower-Tax-Rate-Higher-Income.png\" alt=\"\" width=\"600\" height=\"400\" \/><\/a><\/p>\n<p><strong><a href=\"https:\/\/www.ntu.org\/\" rel=\"noopener\" target=\"_blank\">National Taxpayers Union<\/a> has published a new report on &#8220;<a href=\"https:\/\/www.ntu.org\/foundation\/tax-page\/who-pays-income-taxes\">Who Pays Income Taxes?<\/a>&#8220;<\/strong><strong><br \/>\nThe IRS reports on the share of taxes paid by taxpayers across ranges of Adjusted Gross Income (AGI).<br \/>\n<strong>In 2021, the top 1 percent (with incomes over $682,577) paid nearly 46 percent of all income taxes.<\/strong><br \/>\nThe amount of taxes they paid is nearly twice as much as their share of Adjusted Gross Income (AGI).<\/p>\n<p><a href=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2024\/02\/whopays24-1.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7258\" src=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2024\/02\/whopays24-1.png\" alt=\"\" width=\"450\" height=\"300\" \/><\/a><br \/>\n<a href=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2024\/02\/whopays24-2.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7258\" src=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2024\/02\/whopays24-2.png\" alt=\"\" width=\"450\" height=\"300\" \/><\/a><\/p>\n<p><strong><strong>So, compared to 2016 where the top 10% of earners paid 69% of taxes, they now pay 76%.<\/strong><\/strong><br \/>\nAnyone want to bet that these facts stop the whining about the Trump tax cuts \u201cfor the rich\u201d? Not likely.<\/p>\n<p>Posted by GST Chairman Ray Chadwick<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Advocates for higher taxes say they want to &#8220;Make the Rich Pay their Fair Share.&#8221; They make the same &#8220;Not Paying their Fair Share&#8221; argument against any attempt to reduce tax rates. That&#8217;s a seductive talking point for advocates of bigger government, but it&#8217;s hardly true. The US tax code is progressive so that high [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1,7],"tags":[71,25],"class_list":["post-9422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","category-secial-alerts","tag-ecomomic-facts","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are the Rich Paying Their Fair Share? - Granite State Taxpayers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/granitestatetaxpayers.org\/gst\/do-the-rich-pay-their-fair-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are the Rich Paying Their Fair Share? - Granite State Taxpayers\" \/>\n<meta property=\"og:description\" content=\"Advocates for higher taxes say they want to &#8220;Make the Rich Pay their Fair Share.&#8221; They make the same &#8220;Not Paying their Fair Share&#8221; argument against any attempt to reduce tax rates. 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