Saturday, December 2, 2017

Wealth discrepancy and taxes in the US

Washington Examiner
Top 20% pay 95% of all taxes

Any tax cut for middle income earners will also provide a benefit for those further up the income scale, including the top 20 percent who now pay 95 percent of all income taxes.

If you break the income tax universe into what we call quintiles, so equal sized 20 percent columns, the first two columns, the first quintile and the lower quintile, don't pay any taxes at all. In fact they net positive. We pay them when they file a tax return.

Gates, Bezos,Buffet have more wealth than half the US combined

Microsoft co-founder Bill Gates, Amazon founder Jeff Bezos and Berkshire Hathaway CEO Warren Buffett have collectively more wealth than the 160 million poorest Americans, or half the population of the United States.

Also adding to the stark dichotomy between the top and the bottom economic stratus in America, the bottom 19 percent of Americans are financially underwater, meaning they have zero or negative net worth, the report finds.

Over 60 percent of Americans report not having enough savings to cover a $500 emergency."