Despite ProPublica's best efforts to make the information enclosed within seem damning, the data tell us little we didn't already know. These reports came from calculating the growth of stock portfolios from mid-March through mid-Maya cleverly-designed starting point which omitted the February to mid-March period where the stock market cratered as fears of COVID-19 rose. For the 2018 tax year, the last year for which we have data, the top 1 percent paid over 40 percent of federal income taxes, despite earning just under 21 percent of total adjusted gross income (AGI). Thats how much the top 1% of taxpayers contribute to the tax gapthe difference between federal taxes legally owed and those actually collectedeach year, according to a March study. None.
ProPublica's best efforts to make the information require 42% of taxpayers.
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ProPublica 's best efforts to make the information require 42 % of taxpayers .
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