Why are our seniors paying higher taxes on their social security benefits than billionaires pay on stocks?
The IRS released a new report that reveals the staggering amount of money that the top one-thousandth of the 1% in the US is hoarding.
While the top earners in the bottom 50 percent of Americans only make 36,000 dollars a year – the bottom earners in the top one-thousandth of the 1% “only make” more than 62 million dollars a year.
Sixty-two million dollars per year is what it takes to be a top one-thousandth one percenter – and those are the poorest of the richest households – on average the top earners make more than 160 million dollars a year.
That’s 160 times richer than the average one percenter who only makes about 1.5 million dollars.
That’s an obscene concentration of wealth – but that’s not the most outrageous part of the story, because those top earners are paying a lower tax rate than working class Americans and retirees.
The highest tax rate on income taxes in 2014 was 39.6 percent for households earning more than 439,000 dollars – and the majority of US households paid an income tax rate of between 15 percent and 28 percent.
Those are households of plumbers, bus drivers, doctors and engineers – the average working Americans who create real wealth for the economy.