quote:
He does. He also creates a ton of new jobs.

The Top 1% folks pay 40% of income taxes

The Top 5% folks pay 61% of income taxes

The Bottom 50% of taxpayers paying income taxes pay 3% of all income taxes.

It's actually worse than that. Those stats don't include the many filers who get a *credit*. That would shift the stat considerably.

from AI:

quote:
The exact number of filers who had their total credits (especially refundable ones) exceed their total payments (withholding and other payments) is difficult to pinpoint with publicly available data, as the IRS primarily reports total numbers of refunds issued and specific credit recipients.

However, data indicates this occurs for a significant number of taxpayers, largely due to refundable tax credits which can result in a "negative" tax liability (meaning the government pays the filer more than they paid in). Key data points in recent years (Tax Year 2022 and Fiscal Year 2024): About 23 million eligible workers and families received the Earned Income Tax Credit (EITC) for Tax Year 2022, a primary refundable credit. For Fiscal Year 2024, nearly 14.3 million tax refunds included a refundable Child Tax Credit and more than 21.4 million included a refundable EITC.

A report from the National Taxpayers Union Foundation indicated that 31% of tax filers owed no federal income tax in 2022 after credits and deductions were applied.

Some analyses suggest that when including refundable tax credits, a significant portion of the lowest-earning taxpayers (e.g., the bottom 50% of earners) effectively face a negative federal income tax rate overall, meaning they receive a net transfer from the government via the tax system. These figures demonstrate that many millions of filers receive a net credit from their Federal Income Tax, particularly those in lower-to-middle income brackets who are eligible for significant refundable credits.