This covers federal income taxes only, excluding payroll taxes such as Social Security and Medicare. Including those the top 1% pays ~25% of all federal taxes while earning ~22% of all income.

Top 1% have more income (income inequality is a thing). Taking away 40% income would hit the bottom 99% much harder than it would affect the life of top 1%. 50% of renters spend >30% on housing, 25% spend >50%.

40% figure is also based on individual income taxes. It drops significantly if you consider other sources (payroll etc).

Top 1% also receive preferential tax treatment and benefits disproportionately from policy changes.

The top 1% of earners aren't the capital owners, not even close.

This isn't about income.

You're missing the point. The effective tax rate of many billionaires is lower than ours. "Musk with a fortune of $244 billion, paid an average effective tax rate of 24% from 2018 to 2020". In other years it was as low as 3%[2].

[1] https://www.cbsnews.com/news/income-taxes-billionaire-tax-ra...

[2] https://www.propublica.org/article/the-secret-irs-files-trov...