The top 20% of households reaped 65% of benefit from Trump's tax cuts. The bottom 20% got 1%.

[soothsayer]

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Ronald Klain
@WHCOS
Elections have consequences.

Steven Rattner
@SteveRattner
The top 20% of households reaped 65% of benefit from Trump’s tax cuts. The bottom 20% got 1%.
The American Rescue Plan gives aid to those who actually need it. My @Morning_Joe chart:

[Hoyt]

1. Tax cuts were ill advised, but not really surprising since top 20% pay roughly 85% of income taxes.

[panader0]

3. I'm not disputing your numbers, but is there a link?

When I see companies like Amazon and Exxon/Mobile paying zero, it makes me wonder.

[soothsayer]

4. Well here's from 2017

In 2017, 143.3 million taxpayers reported earning $10.9 trillion in adjusted gross income and paid $1.6 trillion in individual income taxes.

The share of reported income earned by the top 1 percent of taxpayers rose to 21 percent, from 19.7 percent in 2016. Their share of federal individual income taxes rose to 38.5 percent, from to 37.3 percent in 2016.

In 2017, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.

The top 1 percent paid a greater share of individual income taxes (38.5 percent) than the bottom 90 percent combined (29.9 percent).

The top 1 percent of taxpayers paid a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

In 2017, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid roughly $616 billion, or 38.5 percent of all income taxes, while the bottom 90 percent paid about $479 billion, or 29.9 percent of all income taxes.

https://taxfoundation.org/summary-of-the-latest-federal-income-tax-data-2020-update/

[Hoyt]

5. Probably should have said "top 25%," but here are sources. I know some of these tend GOPer, but

it's difficult to discuss tax policy when people don't believe the facts. And, No, I do not support reducing taxes for higher incomes. I do support a robust Estate Tax system, increase in Capital Gains tax rates and corporate rates, etc.




Other sources (I know this chart won't come out right in the little white box, but you can look it up):

Income Category 2017 AGI Percent of All Income Percent of Income Taxes Paid
Top 1% Over $515,371 21.0% 38.5%
Top 5% Over $208,053 36.5% 59.1%
Top 10% Over $145,135 47.7% 70.1%
Top 25%Over $83,682 69.1% 86.1%
Top 50% Over $41,740 88.8% 96.9%
Bottom 50% Below $41,740 11.3% 3.1%
Source: Internal Revenue Service data

https://www.kiplinger.com/article/taxes/t054-c000-s001-how-you-rank-as-a-taxpayer.html

https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001

https://taxfoundation.org/summary-of-the-latest-federal-income-tax-data-2020-update/

https://www.bloomberg.com/news/articles/2018-10-14/top-3-of-u-s-taxpayers-paid-majority-of-income-taxes-in-2016

[panader0]

2. Recommended.