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Most Americans will spend the full year paying Social Security payroll taxes, but for some billionaires, that obligation is met in a matter of seconds.For example, Elon Musk likely met his 2023 ...
The figure includes all Individual federal taxes and Corporate Federal Taxes, income taxes, payroll taxes, estate taxes, gift taxes, and excise taxes. This table does not include federal tax revenue data from U.S. Armed Forces personnel stationed overseas, U.S. territories other than Puerto Rico, and U.S. citizens and legal residents living ...
Surveys show that 79% of U.S. citizens support raising taxes on the wealthy. But there's a good deal of variance within that group. For example, you might support raising taxes on a billionaire ...
The White House analyzed and summarized what the wealthiest Americans pay for taxes in 2021, “we estimate that the 400 wealthiest families paid an average Federal individual income tax rate of 8 ...
In November 2021, Musk became the first person to have a net worth of more than $300 billion. [19] On December 30, 2022, due to declining stock values in Tesla, Musk had lost $200 billion from his net worth, the first person in history to do so, [20] [21] which was recognized by Guinness World Records in January 2023. [22]
The middle 20% paid 10.3% of taxes while getting 11.4% of the income, and the top 1%, those with yearly incomes averaging $1,371,000, paid 21.6% of taxes while getting 21% of total income. Across eight income groups whose data were reported, the largest difference between total taxes paid and total income received was just 1.7 percentage points.
A viral claim relies on a misleading definition of income.
49. Mississippi Average income of the top 1%: $580,461 Single filers:Total income and sales taxes paid: $209,941 Tax burden: 36.17% Married couples filing jointly:Total income and sales taxes paid ...