Using the data available at <a href="https://www.irs.gov/statistics/soi-tax-stats-individual-statistical-tables-by-tax-rate-and-income-percentile" target="_blank">https://www.irs.gov/statistics/soi-tax-stats-individual-statistical-tables-by-tax-rate-and-income-percentile</a>, we see that the average AGI of those 1,575 taxpayers in the top thousandth of a percent (0.001%) of taxpayers was $189,320,635 and their average tax was 23.73%. If the 30% Buffet rule had applied to them, the Treasury would have received an additional $18 billion.  Over the 18-year period 2001-2020, $301 billion would have gone to paying down the deficit. The average AGI of the 157,494 taxpayers in the top hundredth of a percent (0.01%) was $44,009,715and they were taxed at 25.17%. (Note that the tax rate INCREASES as the AGI DECREASES.) If everyone in the top hundredth (which includes those in the top thousandth) paid the Buffet rate the Treasury would have collected an additional $33,477,164,700 in 2020 and an additional $460,570,178,600 over the last 18 years.  If we apply the Buffet rate to the top tenth of a percent, the respective figures are $48,957,121,500 and $860,391,738,500. It won't eliminate the debt but it's a good start. Oh, and the tax rate applied to this cohort, with their average AGI of $9,010,165 was 26.55%, preserving the "more you make, the lower your tax rate" model favored by the plutocrats who write the tax laws.As my friend Sal says, "they should let the poor people write the tax laws."

Using the data available at <a href="https://www.irs.gov/statistics/soi-tax-stats-individual-statistical-tables-by-tax-rate-and-income-percentile" target="_blank">https://www.irs.gov/statistics/soi-tax-stats-individual-statistical-tables-by-tax-rate-and-income-percentile</a>, we see that the average AGI of those 1,575 taxpayers in the top thousandth of a percent (0.001%) of taxpayers was $189,320,635 and their average tax was 23.73%. If the 30% Buffet rule had applied to them, the Treasury would have received an additional $18 billion.  Over the 18-year period 2001-2020, $301 billion would have gone to paying down the deficit. The average AGI of the 157,494 taxpayers in the top hundredth of a percent (0.01%) was $44,009,715and they were taxed at 25.17%. (Note that the tax rate INCREASES as the AGI DECREASES.) If everyone in the top hundredth (which includes those in the top thousandth) paid the Buffet rate the Treasury would have collected an additional $33,477,164,700 in 2020 and an additional $460,570,178,600 over the last 18 years.  If we apply the Buffet rate to the top tenth of a percent, the respective figures are $48,957,121,500 and $860,391,738,500. It won't eliminate the debt but it's a good start. Oh, and the tax rate applied to this cohort, with their average AGI of $9,010,165 was 26.55%, preserving the "more you make, the lower your tax rate" model favored by the plutocrats who write the tax laws.As my friend Sal says, "they should let the poor people write the tax laws."

user
yes
assistant