They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which impact lower income citizens more.
Chetzemoka@startrek.website 8 months ago
They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which impact lower income citizens more.
taxfoundation.org/…/us-tax-revenue-by-tax-type-20…
www.bench.co/blog/tax-tips/fica-tax
www.investopedia.com/terms/r/regressivetax.asp
PsychedSy@sh.itjust.works 8 months ago
Fair correction. So, you’re saying they do pay taxes?
steakmeout@aussie.zone 8 months ago
Keep shifting the goalposts. That’s how you win, right? How’s that boot leather taste?
PsychedSy@sh.itjust.works 8 months ago
I’m not the one that shifted them. What was the comment I first replied to? I’ll wait.
unfreeradical@lemmy.world 8 months ago
That’s the truth, 110%.