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Tue Oct 8, 2019, 08:00 PM

Billionaires paid lower tax rate than working class for first time in US history: study

Source: The Hill




By Justine Coleman - 10/08/19 07:27 PM EDT

......................

Economists Emmanuel Saez and Gabriel Zucman found in their book-length study "The Triumph of Injustice" that the average tax rate paid by the richest 400 families in the country was lower than the rate paid by the bottom half of American households in 2018, The Washington Post reported.

The wealthiest 400 families had a 23 percent tax rate, compared to the bottom half of households, which had a 24.2 percent tax rate.
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Saez and Zucman, economists at the University of California at Berkeley, analyzed Americans' effective tax rates since the 1960s, including federal income taxes, corporate taxes, state and local taxes, and "indirect taxes," which refer to licenses for businesses and motor vehicles, the Post reported........................................

The wealthy's taxes have declined over time from various actions by lawmakers, but the 2017 Tax Cuts and Jobs Act significantly lowered taxes for this group.

Read more: https://thehill.com/policy/finance/domestic-taxes/464935-billionaires-paid-lower-tax-rate-than-working-class-for-first



we knew this. now it is official.

11 replies, 1239 views

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Reply Billionaires paid lower tax rate than working class for first time in US history: study (Original post)
riversedge Tuesday OP
Anon-C Tuesday #1
Jim__ Tuesday #2
dalton99a Tuesday #3
alwaysinasnit Tuesday #4
ck4829 Tuesday #5
BigmanPigman Tuesday #6
paleotn Tuesday #7
not fooled Tuesday #8
dchill Tuesday #9
katusha Tuesday #10
Bernardo de La Paz Wednesday #11

Response to riversedge (Original post)

Tue Oct 8, 2019, 08:03 PM

1. Kick Rec Bookmark.

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Response to riversedge (Original post)

Tue Oct 8, 2019, 08:15 PM

2. I guess this makes trump's working class voters happy because they're sure they're going ...

... to be billionaires soon.

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Response to riversedge (Original post)

Tue Oct 8, 2019, 08:30 PM

3. Kick

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Response to riversedge (Original post)

Tue Oct 8, 2019, 08:34 PM

4. K&R Thanks for posting.

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Response to riversedge (Original post)

Tue Oct 8, 2019, 08:35 PM

5. K&R

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Response to riversedge (Original post)

Tue Oct 8, 2019, 08:39 PM

6. I bet I paid more and I am in the Lower Class

group. I am almost at poverty level (I am at povetty level for CA) and pay 25% of my fixed income for taxes. My taxes have increased under tRump too!!! Am I pissed off...HELL YES!

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Response to riversedge (Original post)

Tue Oct 8, 2019, 09:56 PM

7. Interesting chart

in the WaPo story linked at The Hill. The really big drop occurred under Reagan, in 81 and 86. Other than a slight bump in the mid 90's (Clinton) it's been all downhill. Obscene. Truly obscene.

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Response to riversedge (Original post)

Tue Oct 8, 2019, 09:58 PM

8. Mission Accomplished!

This is it--the end game for pukes.

All the fol-de-rol about abortions, guns, demonizing libruls, etc. is all in service of this aim.


If only the rubes who vote puke realized this.

Not holding my breath.

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Response to riversedge (Original post)

Tue Oct 8, 2019, 10:44 PM

9. Great the things are going SOMEBODY'S way!

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Response to riversedge (Original post)

Tue Oct 8, 2019, 11:28 PM

10. tax the rich, fix the country! n/t

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Response to riversedge (Original post)

Wed Oct 9, 2019, 01:16 AM

11. These horrific levels of income & wealth inequality are never sustained for long, historically. . nt

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