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How The 1% Screw The 99% -- Must Watch Documentary

How The 1% Screw The 99% -- Must Watch Documentary

Why don't we make the 1% pay 99% of taxes and allow the other 99% of people to not have to pay taxes?

In 2012, total federal tax revenue (including payroll taxes) totaled approximately $2.449 Trillion (page 3 here: Page on 99% of that would be about $2.42 Trillion. That same year, the top 1% had a collective adjusted gross income of approximately $1.98 Trillion (table here: Summary of Latest Federal Income Tax Data). Forcing the top 1% to pay 99% of all taxes (without any decrease in tax revenues) would therefore require an effective (not marginal, effective) tax rate of 122.4%. A tax rate that high would probably have a negative effect on the economy.

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