Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
The e-mail's optimistic tone helped Tesla shares turn positive for the first time in seven days.Technologyread more
In a four-page letter sent Thursday morning, Warren and Ocasio-Cortez asked Mnuchin a series of questions about his advisory role in former Sears CEO Eddie Lampert's...Politicsread more
Amazon is reportedly getting into the wearables space. It would help the company learn more about customers, and potentially corner the market on a demographic of older,...Technologyread more
The Trump administration announced a $16 billion aid program for American farmers that includes a three-pronged package of aid for American farmers who have been hurt by the...Politicsread more
"This time, another temper tantrum, again. I pray for the president of the United States," Pelosi said. "I wish that his family or his administration or his staff would have...Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
Prosecutors allege Stephen Calk, former president of Chicago-based Federal Savings Bank, loaned former Trump campaign chair Paul Manafort as much as $16 million in exchange...Politicsread more
A new poll on the amount that the wealthy pay in taxes seems straightforward: Fully 68 percent of Americans agree that the rich pay "too little."
But there are two important details missing from the Associated Press survey, released Sunday. First, is this number higher than previous surveys, therefore showing stronger support over time? And second, do Americans even know what the wealthy pay in taxes?
As it relates the first question, the answer is no. For more than two decades Americans have consistently been in favor of taxing the wealthy more, regardless of the level of income inequality, and no matter the current tax rate. Since Gallup began asking Americans whether they think the wealthy pay "too little" in taxes 20 years ago, it's mostly held steady at around 68 percent.
Read MoreGriffin divorce reveals lavish life
The second question is more important. Although there is no indication in the survey data that the respondents were asked how much the wealthy pay in taxes, one exit interview suggests that many Americans think the rich pay a lower tax rate than the rest of America.
"I think the more you make, the more taxes you should pay," Bob Montgomery, of Martinsville, Va., told The AP. "I can't see where a man who makes $50,000 a year pays as much taxes as somebody that makes $300,000 a year."
If that were true, then it's understandable why middle-class and low-income workers would want the rich to pay more. But it's not true, at least not broadly.
Yes, there are cases where the wealthy pay a lower tax rate than their secretaries because they make their fortunes from capital gains, which are taxed at a lower rate than salaried income. But generally speaking, the more you earn, the higher the percentage you pay in taxes.
Take a look at this chart from the non-partisan Tax Policy Center, which shows the different income groups and what they pay in taxes. The bottom 20 percent pays an average 3.1 percent of their expanded cash income in taxes. The middle quintile, or middle class, pays 13.7 percent. The top one percent pays 33.4 percent, and the top 0.1 percent pays 35.7 percent.
It's only among the very top slice of a few hundred super-earners in America that the numbers start to change. Among the top 400 earners in America, the average tax rate was 16.7 percent in 2012, the latest period measured by the IRS. That's slightly higher than the rate paid by the middle class.
But for the most part, the rich pay more than the vast majority of Americans. The question is, do the vast majority of Americans know just how much they pay?