Progressive tax rates

Per the Brookings Institution, the current tax structure of the United States is such that the middle fifth of all income-earners (earning between $34,000 and $62,000) pay roughly 14% of their incomes in federal taxes.

The next fifth (between $62,000 and $104,000) pay roughly 19% of their incomes in federal taxes.

The top fifth ($104,000+) pay roughly 25% of their incomes in federal taxes.

Moral of the story? Whenever you hear a politician talk about the need for the wealthy to pay their “fair share,” you’re listening to a politician who is hoping you’re ignorant enough to fall for it. Our tax rates are already remarkably progressive: the wealthiest fifth pays 50% more on each dollar than the middle-class.

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(Hat tip to Greg Mankiw for the original link.)