Charles Hugh Smith's Substack

Charles Hugh Smith's Substack

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Charles Hugh Smith's Substack
Who's Wealth Will Get "Clawed Back" First?

Who's Wealth Will Get "Clawed Back" First?

Politically, what's the easier play: cut entitlements, the vast majority of which flow to the bottom 90%, or "claw back" the ill-gotten gains of the top 1%?

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Charles Hugh Smith
Nov 07, 2023
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Charles Hugh Smith's Substack
Charles Hugh Smith's Substack
Who's Wealth Will Get "Clawed Back" First?
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Since we're discussing wealth, income and taxes, let's stipulate a few things at the start:

1. The households with the highest incomes pay the majority of federal taxes. The top 1% collected 22% of all income and paid 45% of personal federal income taxes.

The top 10% earned about 50% of all income and paid 74% of personal federal income taxes. The bottom …

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