America's top billionaires are now paying less tax than they have for decades.
America's richest are paying less tax than working-class people in a historical first.Data published by The New York Times shows that America's top billionaires are now paying less taxes than they have for decades.In the 1960s, the 400 richest Americans paid more than half of their income in taxes, according to the Times. By 2018, America's wealthiest individuals paid just 23 percent of their income in taxes.
Another factor is that many modern billionaires live off their wealth rather than their incomes, unlike most ordinary Americans.The paper cited Amazon founder and chairman Jeff Bezos as an example. While Bezos earned a modest salary as CEO of Amazon, he continues to accumulate significant wealth through his Amazon shares.Amazon retains its profits and does not typically distribute dividends to shareholders.
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