For first time ever, US billionaires pay lower tax rate than workers
The tipping point came in 2017 with the passage of Donald Trump's tax cuts. They were a windfall for the wealthy, lowering the top income tax bracket and slashing the corporate tax rate.
"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 per cent, a full percentage point lower than the 24.2 per cent rate paid by the bottom half of American households.
That’s what LNP want here and are on their way doing it
The focus on the ultrarich is necessary, Saez and Zucman write, because those households control a disproportionate share of national wealth: The top 400 families have more wealth than the bottom 60 per cent of households, while the top 0.1 per cent own as much as the bottom 80 per cent. The top 400 families are a "natural reference point," Zucman says, because the IRS publishes information on the top 400 taxpayers as a group, and other sources, such as Forbes, track the fortunes of the 400 wealthiest Americans.
But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. That bill, championed by President Donald Trump and then-House Speaker Paul Ryan, was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate.
"The best estimates indicate that the tax system is progressive - with the rich paying a higher tax rate than everyone else," Furman said.
There is general agreement among economists, however, that the tax burden of the rich has fallen considerably in recent decades.Read more: The Sydney Morning Herald
Trump Mission Accomplished What was the provable benefit of doing this? Not the fantastical trickledown nonsense... We are getting back to the time of being ruled by Kings and Queens, and we only have ourselves to blame. Vote with greed, you get greed. Pieces of shit...the lot of them This is what the Trump clone here is trying to achieve
Does anyone remember the French Revolution? History can repeat itself. In Georgian England the poor would throw dead cats and dogs at the rich. That’s ridiculous. They should be paying 90c in a dollar over 10 million Make the rich greater again Good Bless America
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That’s what happens when you elect a crook... And yet without them how much would the workers be paying? When was the last time billionaire big tech...Apple, Google, Uber, Amazon....paid tax? Just how can that happen? Let's do some maths with made up numbers: someone earns $50K and pays 10% tax - they've paid $5K. If someone earns $500M and pays 9% tax, they've paid $45M.
Not the first or the last In the USA or Australia Wow Am I supposed to be surprised by this Look who's in charge Wait till 2020
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SMH forgot to mention how happy the workers are with much more $$$ in their pockets with tax cuts ➕businesses paying more to their workers in pay rises🤔 Anti-Trump clickbait. Objective economists refute their calculations. Billionaires have controlled the US economic policies for generations. They enriched themselves like pigs. Trump cuts corporate tax and all of a sudden the world was fair before ‘he’ came along? Just stop.
Lock him up So they should they take risks .. if we didn’t have employers I would be living in a tent on the River .. Thank you Risk taking employers 👍... One sick country .. the American dream .. corrupted. To all Republicans who are not billionaires, is this what you really want? Working class people paying more taxes & the national debt being the biggest ever
Clearly in the USA there’s been a long term focus on incentivising ambition and wealth creation. Over there, it’s only the mendicants that want it any other way. For this very reason the wealthy will ensure 45 retains the presidency. Money is a powerful tool. Greed MSMWatchdog2013 '1st time ever' I don't believe that part it's been getting more and more the standard multinational corps owned by billionaires get away with paying bugger all and some cases zero tax...
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What's the effective tax rate ? The tax cuts worked as intended. To provide lower taxes for the wealthy. And the country is falling apart. But...But.. What about those tax reliefs? and...what about that Trickle down? Stop voting for people who don't give a duck about the middle and poor classes. Bernie2020 Warren2020 getmoneyoutofpolitics
US billionaires pay lower tax rate than workers The biggest Trumpcon He wanted to drain d swamp n Wall St people believe d con man So they get what they deserve Shameful... Three data points mentioned: 1960, 1980 and 2018. What were the figures like during Obama and Dubya? Get real they always paid less than workers!! Why do you think the Cayman islands exist?
Rep’n all those workin MAGATs. Theyre so brainwashed they’d not know but its not like they weren’t warned...
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What a surprise... Not surprised & there’s Aussies apparently wanting the same thing tying to get a trump like figure into our politics 🤢heavenstobetsy Making America Greedier Again... Making America Great Again 🙄
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Show Us Your AustraliaWe want to see your photos of what Australia means to you. That's and easy one.... Flew northern territory today Enough of the koala pics. Just ask for pics of women in hijabs. That's what you really want to see.