Has anyone seen any survey research that expresses federal income taxes paid as a percentage of net worth rather than annual income?
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Replying to @ZachWahls
Based on some super rough numbers and calculations, here's what I find.pic.twitter.com/VMguYJ58Vy
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Replying to @ZachWahls
Each year, the lower 50% of Americans by net worth pay about 5% of their wealth in income tax. The top 1% pays **less than one percent.**pic.twitter.com/WgwNIP6AI2
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Replying to @ZachWahls
This is apples and oranges. Much of net worth was already subject to income tax or estate tax, or will be.
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Replying to @Grange95
I'm not asserting otherwise! All I'm saying is the bottom *half* of Americans pay more in incomes tax as a % of their net worth than top 1%.
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Replying to @ZachWahls
1/ It's a meaningless comparison. Fill in "Half of all Americans pay more for _____ as a % of net worth than top 1%" with *anything*.
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Replying to @Grange95 @ZachWahls
2/ Mortgage. Health care. Soda. Movie tickets. It doesn't tell you anything meaningful.
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Replying to @Grange95 @ZachWahls
3/3 All your comparison really says is, "Rich people are rich." True. But not useful.
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True. But I think we already knew that.
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