Testimony of Maya MacGuineas Hearing before the Senate Budget Committee:

One of the tricky things in public policy is that “fair” of course is in the eye of the beholder. [...] Some key facts on income and taxation rates: The top 1% of earners pay 25% of federal taxes, and they make 16% of the income The top 10% of earners pay 52% of federal taxes, and they make 39% of the income The top 40% of earners pay 86% of federal taxes, and they make 74% of the incomeii Corporate income taxes have been on a steady downward trajectory for some time now. [...] To pay for the remaining $6 trillion of the cost we estimated for Biden’s campaign agenda, the revenue hike would have to be much higher and more broad-based. [...] The fiscal hole is so deep that basically all credible options will need to be on the table, and the longer we wait, the longer that list will have to grow. [...] Shifting costs to the future is at odds with the principle of serving as a good steward for the economy, the nation, and the next generation, even when it is money well spent.