Debunking Five Tax Day Myths

Every April, Americans spend more than 7 billion hours filing taxes and roughly the same amount of time arguing over them, almost entirely on the basis of several common myths. Here are the five most consequential.
Myth No. 1: The Rich Don’t Pay Their Fair Share
This is the most repeated claim in American tax politics and one of the least supported by actual data. The top 1% of earners take in 22% of total income and pay 40% of all federal income taxes. The top 10% earn about half the nation’s income and pay 72% of its taxes. The bottom half of earners, collectively, pay roughly 3% of the tax…
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