For the first time in history, U.S. billionaires paid a lower tax rate than the working class

[Demovictory9]

https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/

For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year



A new book-length study on the tax burden of the ultrarich begins with a startling finding: In 2018, for the first time in history, America’s richest billionaires paid a lower effective tax rate than the working class.

“The Triumph of Injustice,” by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley, presents a first-of-its kind analysis of Americans’ effective tax rates since the 1960s. It finds that in 2018 the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households.

In 1980, by contrast, the 400 richest had an effective tax rate of 47 percent. In 1960, their tax rate was as high as 56 percent. The effective tax rate paid by the bottom 50 percent, by contrast, has changed little over time.

[SunSeeker]

1. K & R for exposure.

[roamer65]

2. Ideally, I'd love to go back to 1980 tax rates.

But I’d settle for a 1982 tax rate of 50 pct for starters.

[Midnight Writer]

3. Mission Accomplished! This is not "a Trump thing". This is the GOP's long term goal.

[wishstar]

4. and yesterday's news announced that the deficit is now the highest in 7 years

so there will be pressure for government to reduce spending on programs that help the bottom 50% to survive.

[Rhiannon12866]

5. I always got some money back until this year (for 2018)

But then I just got a letter from the IRS saying I also owe for 2017!

[Celerity]

6. '24.2 percent rate paid by the bottom half of American households'

I have to laugh (bitterly, as I do not wish ill on any people save for people who wilfully hate and kill and hurt and maim) at the utter mindfuck played on the American people. 24%, 25% is around the same rate, maybe 2 or 3% less (depending on the kommun rate), after deductions, that the average Swede pays here in cumulative income tax.

For that, you get almost free unlimited healthcare (at a higher overall quality too) and pharma (around 120 usd MAX per rolling 12 months for all healthcare, 220 usd per rolling 12 months MAX for ALL drugs), free unlimited tertiary (ie uni) education, with PhD programmes paying you, around 2 months or so paid holiday (combo of public holidays and your job), up to almost 2 years paid maternity and paternity leave, really generous pensions, etc etc etc etc ( a shit tonne of etc btw.) We also have been running a national budget surplus btw. All that with a country that is now more diverse than the USA in terms of non European descent foreign born (and 2 generations deep) as a % of the legal population here versus the American demographics (Sweden is FAR more diverse than the other Nordic nations as well.) All that with Sweden taking in the US population-adjusted equivalent of close to 50 MILLION refugees (most from US-started/enabled wars as well) in just the past 15, 16 or so years.

SMDH

[ck4829]

7. K&R