Perspective: No, the richest 400 Americans don’t pay a lower tax rate than the bottom 10 percent
the argument: “For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate … than any other income group,” he wrote in October.
Saez and Zucman arrive at their innovative numbers by counting not just the federal income tax but also state and local sales taxes ; real estate taxes; and Social Security contributions. This isn’t hairsplitting: It’s about intellectual honesty. If we’re going to talk about taxes and inequality, we ought to base the conversation on accurate numbers rather than on what progressives find it convenient to believe.By my math — working from the Saez-Zucman numbers but subtracting Social Security contributions from them — the overall tax rate for people at the 10th percentile is 16.5 percent. The figure for the 50th percentile is 15.6 percent.
In my modifications of the Saez-Zucman numbers, I therefore separated Social Security from Medicare payments, after friendly exchanges with Saez and Zucman about how this might be done. Social Security payments make up 81 percent of FICA contributions for workers who don’t exceed the earnings cap; the Medicare proportion constitutes 19 percent.
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