this post was submitted on 11 Oct 2023
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Work Reform

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[โ€“] [email protected] 35 points 11 months ago* (last edited 11 months ago) (1 children)

They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which are regressive and impact lower income citizens more.

https://taxfoundation.org/data/all/federal/us-tax-revenue-by-tax-type-2020/

https://www.bench.co/blog/tax-tips/fica-tax

https://www.investopedia.com/terms/r/regressivetax.asp