The vice president is rolling out her first revenue-raising policy proposal as the Democratic presidential nominee, and drawing a contrast with GOP opponent Donald Trump.
Are you including the fact that $100,000 in the 1950s is more than $1million after accounting for inflation?
According to some quick googling, $1,300,000 is the modern equivalent of $100,000 in 1950. That would put you in the top 5% earners (and very nearly in the top 1%). According to the IRS, the top 5% contribute about 65% of the tax burden.
The top 25% make up about 90% of contributions, but that starts around $70,000 annual income.
that is fascinating… do you have some longer easy to read source to learn about this topic?
also, you say those earning 100k in 1950’s only carried 20% of tax burden and now they carry 80%… what exactly is tax burden and is that number inflation adjusted? how big fraction of income distribution are we talking about?
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Are you including the fact that $100,000 in the 1950s is more than $1million after accounting for inflation?
According to some quick googling, $1,300,000 is the modern equivalent of $100,000 in 1950. That would put you in the top 5% earners (and very nearly in the top 1%). According to the IRS, the top 5% contribute about 65% of the tax burden.
The top 25% make up about 90% of contributions, but that starts around $70,000 annual income.
that is fascinating… do you have some longer easy to read source to learn about this topic?
also, you say those earning 100k in 1950’s only carried 20% of tax burden and now they carry 80%… what exactly is tax burden and is that number inflation adjusted? how big fraction of income distribution are we talking about?