Monkeynomics 101: Only the Rich Pay Taxes
Feb 3rd 2020 10:07am EST
Note: Even if FICA taxes were not included in the Federal Taxes paid figure by the CBO it wouldn’t matter because FICA taxes are only 7.65% of your gross income, which only equals $6,785.55 on a gross income of $88,700 (the 4th quintile), which is still less than the negative $10,000 effective tax. Sources: https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51361-householdincomefedtaxes.pdf […]
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