With the Presidential Election fast approaching, conversations about the wealthy not paying their “fair share” of taxes have become more frequent. Figures like Warren Buffett are often cited, with examples showing he pays a lower tax rate than many of his office colleagues. For some, this serves as proof of a tax system that isn’t progressive enough. But what do the actual data tell us? Are the wealthy really contributing less than their fair share, as some claim? And did the 2017 tax cuts only benefit the rich? In this week’s edition of “Three on Thursday,” we delve into the most recent IRS tax data from 2021 to provide a clearer picture of the federal income tax landscape. 

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