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FQ <br />Understanding Tax Equity <br />• Consider the US Income Tax <br />• Top 1% of all income earners earned 20.6% of AGI but paid 39.5% of <br />federal income taxes <br />• Bottom 50% of all income earners earned 11.3% of AGI but paid 2.8% <br />of federal income taxes <br />• The only way to have completely equitable taxes is for every <br />household to earn an identical income and every household to have <br />identical preferences for the consumption of government services <br />CCM Economics, LLC OC Tax Equity Study <br />