Top 5% if AGI. These numbers are based on Adjusted Gross Income. That vastly inflates the portion the truly wealthy pay compared to their wealth. They get to use the stock they own and open lines of credit for cash, then pay down those loans while using them to write off for the little stock they sold. These sort of tricks are why Bezos didn’t pay income tax for two years
Thank you for adding the always missing nuance. But other readers don’t get it twisted; parsing the financials of those too wealthy for mere cash liquidity isn’t simple by design. The context is always obscured in Economics because abstraction makes the bills we all pay on their behalf.
Top 5% if AGI. These numbers are based on Adjusted Gross Income. That vastly inflates the portion the truly wealthy pay compared to their wealth. They get to use the stock they own and open lines of credit for cash, then pay down those loans while using them to write off for the little stock they sold. These sort of tricks are why Bezos didn’t pay income tax for two years
https://www.businessinsider.com/jeff-bezos-did-not-pay-income-taxes-2-years-report-2021-6?op=1
I appreciate your desire for accuracy, but the context is lacking.
Thank you for adding the always missing nuance. But other readers don’t get it twisted; parsing the financials of those too wealthy for mere cash liquidity isn’t simple by design. The context is always obscured in Economics because abstraction makes the bills we all pay on their behalf.