Are the Rich Paying their Fair Share of Taxes?

Apr 10, 2023 | Macro Insights, No Bull Economics

IRS Data Post Thumbnail

IRS data provides a good look at the distribution of both income levels & taxes, and it looks like the rich are pulling their fair share…

Commentary

The table below shows how those with AGIs above $200,000 per year are paying a higher percent of the total tax bill compared to their share of total AGI (adjusted gross income). In the case of the $1MM+ AGI cohort, this demo footed 33% of the total tax bill but only took home 17% of the total AGI pie. It looks like the government may have got this one right!

Source: IRS – Statistics of Income

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