On a more accurate note, here’s what they pay in Federal income taxes:
The Occupy Wall Street protesters insist that the top 1% should be paying more than 38% of the total tax burden. Seems to me that they should be sending thank-you cards instead of complaining.
Advertisement
Of course, the problem with this is that the wealthiest citizens of our country derive the vast majority of their income from investment returns which are taxed at 15%. But I think you knew that already.
Hi Erin — thanks for visiting and commenting. Yes, some of the 1% do have investments which qualify for capital gains treatment or even no taxes. With capital gains, they paid taxes on what they invested and the companies they invested in paid taxes. So the capital gains taxes are an additional tax.
And even with that, the capital gains taxes are part of the 38% of total income taxes that the 1% pays.