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In 2018, the top 5 percent of all taxpayers in the United States paid what percentage of the federal income tax?

A. 67.3 percent
B. 38.8 percent
C. 42.5 percent
D. 59.4 percent

Answer :

In 2018, the top 5 percent of U.S. taxpayers paid 59.4 percent of the federal income tax, demonstrating the progressive nature of the tax system, where higher earners pay a larger share. option d is answer

In 2018, the top 5 percent of all taxpayers in the United States paid 59.4 percent of the federal income tax. This is indicative of the progressive tax system in place, where higher-income earners pay a greater percentage of their income in taxes than lower-income earners. The federal income tax system is designed to fund various government programs and services

with different tax brackets applying progressively higher rates to higher amounts of income. For instance, the top 1% of household earners paid an average federal tax rate of 25.4%, although their effective tax rate (including all sources of income) was 20.4%. It's worth mentioning, however, that despite the progressive nature of the tax system, some reports suggest that the very top earners, like billionaires, may pay a lower percentage overall compared to their total wealth. option d is answer

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