Taxpayers with incomes in the top 10 percent of adjusted gross incomes pay about 70 percent of all federal taxes. My income falls in that range, so some people might buy the argument that I pay more than my fair share of taxes, but that’s not true. I pay almost exactly my fair share. My total federal tax bill (income tax, FICA, etc.) as a percentage of my gross income comes to just a bit more that than total federal spending as a percentage of Gross Domestic Product. I’m just covering my share.
If I’m in the top 10 percent and just barely covering my share, what does that say about the long-term stability of a system where 90 percent of all taxpayers are receiving government services at a discount—and a substantial portion are getting a free ride?
But a larger long-term problem may stem from the fact that the top 1 percent pay around 39 percent of all federal taxes. Given their options to move their wealth around the world, what are they getting from the system that appears to take so much from them? Harvey Weinstein’s fundraising is not even the tip of the iceberg.