99% of the top 1% are "normal workers" like me - engineers at Google - or my cousin - a radiologist - or one of my best friends - an investment banker - or lawyers, or owners of successful small businesses, etc...
These "normal workers" pay a lot of that 40% of the tax bill.
There aren't that many CEOs of Fortune 500 companies and board members, A+ list celebrities, and aristocrats. You're getting into the .01% - that's still 32,000 people!
Chicago Booth put together an article with graphs to really show how much the top 0.01% has diverged [1].
The top 0.01% still pays A LOT of the income taxes - about 5% - but that means, mostly hardworking normal people in the top 1% are paying the other 35% of that 40% share of the tax bill.
It's not like Bill & Melinda Gates are paying 40% of the tax bill by themselves...
[1] https://review.chicagobooth.edu/economics/2017/article/never...
These "normal workers" pay a lot of that 40% of the tax bill.
There aren't that many CEOs of Fortune 500 companies and board members, A+ list celebrities, and aristocrats. You're getting into the .01% - that's still 32,000 people!
Chicago Booth put together an article with graphs to really show how much the top 0.01% has diverged [1].
The top 0.01% still pays A LOT of the income taxes - about 5% - but that means, mostly hardworking normal people in the top 1% are paying the other 35% of that 40% share of the tax bill.
It's not like Bill & Melinda Gates are paying 40% of the tax bill by themselves...
[1] https://review.chicagobooth.edu/economics/2017/article/never...