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Wed Oct 9, 2019, 07:54 AM

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

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Source: Washington Post Business

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.

The relatively small tax burden of the super-rich is the product of decades of choices made by American lawmakers, some deliberate, others the result of indecisiveness or inertia, Saez and Zucman say. Congress has repeatedly slashed top income tax rates, for instance, and cut taxes on capital gains and estates. Lawmakers have also failed to provide adequate funding for IRS enforcement efforts and allowed multinational companies to shelter their profits in low-tax countries.

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



Unfortunately this will go under the radar and American working class will never know what is really going on.

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Reply For the first time in history, U.S. billionaires paid a lower tax rate than the working class last y (Original post)
LeftTurn3623 Oct 2019 OP
William Seger Oct 2019 #1
IronLionZion Oct 2019 #2
Newest Reality Oct 2019 #3
OKNancy Oct 2019 #4

Response to LeftTurn3623 (Original post)

Wed Oct 9, 2019, 08:07 AM

1. Mission Accomplished

And as the tax burden has shifted, so is the responsibility for paying off the credit card bills rolled up as the rich get richer faster.

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Response to LeftTurn3623 (Original post)

Wed Oct 9, 2019, 08:20 AM

2. Trump promised to make America great again

so we're going backwards to the time of the robber barons and servant class. Back when people knew their place and weren't so damn uppity about wages and unions or civil rights.

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Response to LeftTurn3623 (Original post)

Wed Oct 9, 2019, 08:25 AM

3. As we merrily roll along...

towards and inevitable Oligarchy, (or whatever you want to call it) people who are affected should be concerned, at least.

If anybody sees a counterpoint to the fact that the future is for the wealthy, (all other things aside) then at least that could inspire an attempt to refute the trend.

There are many distractions in life. We live in a smart phone-mass media-entertainment complex. Many of us work long and hard just to try to squeeze by, so it is understandable that living in a survival mode of concern and worry is not only stressful, it can contribute to the problem behind it. Who wants to devote time to understanding a massive and complex problem like this?

Well, it is a matter of priorities. When your house is on fire, you know what the priorities are. When you are ill, it indicates that you have to do something about it. However, when something this fundamental to your well being, (economically and otherwise) starts to come into the picture, ignoring it won't make it go away. It might be time to consider the stakes and, at the very least, find out more as if it really matters.

We have a lot on our plates right now with the crises of a rogue pResident, but we will hopefully have refractory and recovery periods after this if it all goes well. We should be concerned with moving forward and go beyond tRump, not back to the same old same old.

Part of that progress is to grapple with the idea that those of us who are not wealthy, (and our children and so on) will most likely be renting our existence from those who own the World. Does that sound like something along the lines of a priority?

There is plenty of information to get started with and you might have an easier time sharing ideas about this than you do about partisan politics.

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Response to LeftTurn3623 (Original post)

Wed Oct 9, 2019, 08:49 AM

4. Locking - duplicate and more than 12 hours old

I'm sorry but this is a duplicate topic. If you want you can add this article to the older post.

Dupe of: https://www.democraticunderground.com/10142378670

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