Correcting fact error on wealthy tax rate
Frank Philips’ letter on Oct. 24 contains a major factual error.
He writes “One last bit of news. The wealthiest 400 families now pay a tax rate of 23 percent. The bottom half of American households pay a 24.2 percent tax rate.”
This statement is demonstrably false.
Google: Summary of Federal Income Tax Data 2016, compiled by the Tax Foundation, and scroll down to the table. You will see that approximately 148,888,000 individual Federal Income Tax returns were filed in 2016. The bottom half paid a tax rate of 3.7 percent, not 24.2 percent.
Phillips is clearly not well informed. As a result, all of his assertions in his letter should be taken with a grain of salt.