TRILLION: A really big number
Congress just passed a $1.9 trillion so-called COVID stimulus bill. How big is $1.9 trillion? Well, if there are 328 million people living in the USA, then $1.9 trillion would equate to $5,792 per man, woman, child.
But not every man, woman, and child pays taxes. In fact, almost half the population pays no taxes, which shifts the burden to the other half of the population, especially those in the higher income levels.
According to a tax analysis group, the Peterson Foundation, the top 20% of the population pays 86% of the taxes. If that relationship holds true in the future, the top 20% will be paying, on average, $24,758 for just this one bill.
Does Congress have any idea how big a trillion dollars is?