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Mon Apr 13, 2020, 08:16 PM

Taxes Paid By Billionaires Decreased 79% Since 1980; New Report [View all]

'Taxes Paid By Billionaires Decreased 79 Percent Since 1980, as Percentage of Their Wealth' As we emerge from this pandemic, substantial tax increases are inevitable. Central to the program should be a tax that limits the hoarding of wealth by the billionaire class. Inequality.org, April 13, 2020. Excerpts:

...A new Institute for Policy Studies Inequality briefing paper, authored by Bob Lord, reveals that between 1980 and 2018, the taxes paid by America’s billionaires, when measured as a percentage of their wealth, decreased a staggering 79 percent. (*Read the full Institute for Policy Studies paper)

The only appropriate metric by which to measure the tax burden on billionaires, the briefing paper explains, is the rate of tax they pay on their wealth. Unlike the rest of us, the living expenses of billionaires do not constrain their accumulation of wealth. Nor do they rely on their work to generate additional wealth. For billionaires, the accumulation of wealth is driven forward almost exclusively by the growth of their existing wealth and constrained almost exclusively by the tax they are required to pay. No matter how the taxes imposed on billionaires are determined – by income, consumption, property ownership, transfers by gift or bequest – they function only as a tax on wealth.

By allowing the tax burden of billionaires, as a percentage of their wealth, to plummet since 1980, policy makers have caused the nation’s wealth to concentrate obscenely at the very top. In the 12 years between 2006 and 2018, IPS reports, nearly 7 percent of America’s real increase in wealth, measured in 2018 dollars, went to the top 400 billionaires. If the pattern of the past four decades does not change, an even greater share of the nation’s newly created wealth over the next 12 years will flow to the billionaire class...

Read More, https://inequality.org/great-divide/billionaire-wealth-tax/
- Also: 'Inequality Propounded,' Patriotic Millionaires, April 1, 2020.

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Reply Taxes Paid By Billionaires Decreased 79% Since 1980; New Report [View all]
appalachiablue Apr 2020 OP
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