Well if you read what I wrote, I didn't say that they fund 60%/87% of federal revenue. I said they pay 60%/87% of income taxes.
Since payroll is proportional to income, that's even more federal revenue that is indirectly levied on the labor of the top 5% and 20%.
Once you include capital gains taxes, the top 5% and top 20% cover even more of federal revenue. The only portion of capital gains that isn't personal capital gains is corporate capital gains. A sizable amount of non-individual capital gains are hedge funds and retirement accounts, which once again are mostly funded by many people in the top 5% and 20%.
Any way you slice it, it's largely the top 5% to top 20% of so funding much of the operating costs of USA Inc. Everyone in the bottom 50% gets a 50% say while paying a mere 3% of income taxes and probably even less in taxes once you include all sources of federal revenue.
Since payroll is proportional to income, that's even more federal revenue that is indirectly levied on the labor of the top 5% and 20%.
Once you include capital gains taxes, the top 5% and top 20% cover even more of federal revenue. The only portion of capital gains that isn't personal capital gains is corporate capital gains. A sizable amount of non-individual capital gains are hedge funds and retirement accounts, which once again are mostly funded by many people in the top 5% and 20%.
Any way you slice it, it's largely the top 5% to top 20% of so funding much of the operating costs of USA Inc. Everyone in the bottom 50% gets a 50% say while paying a mere 3% of income taxes and probably even less in taxes once you include all sources of federal revenue.