Investors Business Daily Reports....
The top 5% pay 60.6% of federal income taxes, while earning 37% of adjusted gross income. The top 10% pay 71.2% of income taxes, while earning 48% of adjusted gross income.
Meanwhile, the bottom 50% of income earners pay only 2.9% of federal income taxes. Indeed, the bottom 95% of income earners pay 39.4% of all federal income taxes. That means the top 1% of income earners pay more federal income taxes than the bottom 95%!
Leaving on a Jet Plane
Today we live in a smaller world. We are connected digitally. But we can move. Many people leave one state and go to another to avoid taxes. John Kerry did it with his yacht.
The rich can move. Rush moved from NY to Florida. LeBron moved from Cleveland. The NYSE does not have to be in NY anymore. Telecommuting, teleconferencing, etc.. can accomplish business across continents. What if the rich move all their assets to Andorra, the Bahamas,or Monaco? What if they move their companies to Barbados, the United Arab Emirates, or Panama?