While the very richest Americans pay the highest marginal income tax rates-that is, the highest tax rates on their last dollar of income-this fact needs additional context. Estate and gift revenues have averaged just 0.1 percent of gross domestic product (GDP) since former President Donald Trump’s Tax Cuts and Jobs Act of 2017, equivalent to just half the average revenue from recent decades and one-third of the average from the decades following the New Deal. Progressive estate and gift taxes play a dwindling role in the tax code.The average amount deducted is $13,061 for those with at least a seven-figure income, $2,886 for those with a six-figure income, $274 for those with a five-figure income, and just $33 for those making a four-figure income or less. The mortgage interest deduction similarly is skewed toward the rich.Unsurprisingly, the average millionaire deducts $317 for every $1 deducted by the very lowest-income Americans. ![]() The SALT deduction benefits 75.1 percent of taxpayers making $1 million or more, compared with less than 1 percent of those making less than $30,000.
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