Top One Percent of U.S. Taxpayers Paid Nearly Half of All Income Taxes in 2020
The top one percent paid more than 42 percent of all income taxes paid to the federal government, an amount that is more than everyone in the bottom 90 percent combined.
New data from the IRS show that America’s income tax system remained highly progressive in 2020, with the top one percent of wage earners paying more than 42 percent of all federal income taxes for the year and the top 50 percent paying 97.7 percent of taxes received by the Treasury. The bottom 50 percent paid 2.3 percent of all income taxes.
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