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→Economy
====Budget====
====Budget====
:{{See also|Modern Monetary Theory|New spending}}
:{{See also|Modern Monetary Theory|New spending|Build Back Better}}
[[File:DS-Biden-spending-agenda-charts-04.jpg|right|300px|thumb|]]
[[File:DS-Biden-spending-agenda-charts-04.jpg|right|300px|thumb|]]
As of 2021, the top 1% pays 40% of all the income taxes. The top 1% earned 21% of the income but paid 40% of the income tax. The entire bottom half of taxpayers who earned 11.6% of the income paid a 2.9% of all income tax. Six in ten households received more in direct government benefits than they pay in federal taxes. Over 53 million low and middle income individuals pay no income taxes because of refundable tax credit, which are effectively a form of federal spending through the tax code.
As of 2021, the top 1% pays 40% of all the income taxes. The top 1% earned 21% of the income but paid 40% of the income tax. The entire bottom half of taxpayers who earned 11.6% of the income paid a 2.9% of all income tax. Six in ten households received more in direct government benefits than they pay in federal taxes. Over 53 million low and middle income individuals pay no income taxes because of refundable tax credit, which are effectively a form of federal spending through the tax code.