When 1% Equals 42%
Did you know that people who earn $300,000 or more a year are in the top 1% of income earners?
They paid 42.3% of the total taxes received in Washington, and that percentage has been increasing over the last 20 years, too.
The top 10% paid nearly 75% of the taxes, but the bottom 50% paid only 2.3%, according to the Tax Foundation’s 2020 findings.
The reality of it all is that those who make more money pay a lot more in taxes than politicians or the media would have you think.
Sure, the top 1% can hire better professionals to try and minimize their tax burden, but they have a much bigger problem than most other Americans will ever face.
Get ready, because the President is expected to propose a tax increase with his 2023 budget.
So, if you’re in the top 10% of taxpayers, be prepared to part with more of your hard-earned money than you do now.
The time to start building a tax-efficient strategy for your future was so last week!
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