Reply to Are Republicans thinking about killing tax breaks for 401k savings to pay for tax cuts?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP. [/quote]

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%. [/quote]

This is BS and should be deleted as a lie. Just in income taxes alone the top 1% pays about 26%. That is ignoring every single other tax.

https://www.pewresearch.org/short-reads/2023/04/18/who-pays-and-doesnt-pay-federal-income-taxes-in-the-us/

[/quote]

The AGI of the top 1% is just about that.

"In the U.S., the top 1% of earners typically hold a significant proportion of the total adjusted gross income (AGI), with data indicating that they earned approximately 22.4% of total AGI in 2022."

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/
[/quote]

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