I'm a retired CPA so I think I know somewhat more about this topic than the average person. On April 10, 1973 (50 years ago) the Star published a letter of mine that stated people with higher incomes actually pay a higher percentage of income tax on their total incomes than people with lower incomes. This fact has not been disproved. The latest IRS data for 2018 - following the Trump Tax Cuts- found the top 1% of taxpayers paid 40% of all income taxes paid. The top 10% paid 71% and the top 50% paid 97%. Sure, you can find wealthy taxpayers who paid little or no income taxes in any given year: but they probably reduced their net worth by investing in a scheme that causes you to lose, say, $1,000,000 in order to save $400,000 in taxes.
Douglas R. Holm
East side
Disclaimer: As submitted to the Arizona Daily Star.
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