Yesterday’s Hotline reported the surprising news that the richest one percent of Americans now pay a higher share of the income tax burden than ever before.
This new data tells something else surprising: the Trump tax cuts led to the rich paying more not less of the tax burden.
Prior to the Trump tax cut the richest 1% paid roughly 40% of the income taxes. Now they pay more than 45%. This really isn’t all that surprising. The chart also shows that the top 1% paid more of the tax burden after Reagan cut the highest income tax rate from 70% to 28%.
Will these facts stop Joe Biden from whining about the Trump tax cuts “for the rich?” Of course not.