U.S. billionaires paid a lower tax rate than the working class last year

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For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year
https://www.washingtonpost.com/business ... last-year/
The analysis differs from many other published estimates of tax burdens by encompassing the totality of taxes Americans pay: not just federal income taxes but also corporate taxes, as well as taxes paid at the state and local levels. It also includes the burden of about $250 billion of what Saez and Zucman call “indirect taxes,” such as licenses for motor vehicles and businesses.

The analysis, which was the subject of a column Monday in the New York Times, is also notable for the detailed breakdown of the tax burden of not just the top 1 percent but also the top 0.1 percent, the top 0.01 percent and the 400 richest households.

The focus on the ultrarich is necessary, Saez and Zucman write, because those households control a disproportionate share of the nation’s wealth: The top 400 families have more wealth than the bottom 60 percent of households, while the top 0.1 percent own as much as the bottom 80 percent. 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.
The Rich Really Do Pay Lower Taxes Than You
https://www.nytimes.com/interactive/201 ... althy.html
For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data.

For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they haven’t benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat.
It is an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach.

- Franklin D. Roosevelt
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Re: U.S. billionaires paid a lower tax rate than the working class last year

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Isn't that the way it's supposed to be? After all the rich do SO much for us we're lucky we don't have pay THEM!
(Oh! Wait! We do! Over 20 billion to factory farms that didn't lose much to the Chinese tariffs. Billions in oil subsidies. Hell, we even GAVE the airlines gates WE paid to build!)
"Even if the bee could explain to the fly why pollen is better than shit, the fly could never understand."

Re: U.S. billionaires paid a lower tax rate than the working class last year

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CDFingers wrote: Sun Dec 15, 2019 10:59 pm "There are two types of trump supporters, billionaires and idiots. Check your bank account to see which you are."

CDFingers
I'm going to plagiarize that for another site. LOL
"Being Republican is more than a difference of opinion - it's a character flaw." "COVID can fix STUPID!"
The greatest, most aggrieved mistake EVER made in USA was electing DJT as POTUS.

Re: U.S. billionaires paid a lower tax rate than the working class last year

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Wino wrote: Mon Dec 16, 2019 11:54 am
CDFingers wrote: Sun Dec 15, 2019 10:59 pm "There are two types of trump supporters, billionaires and idiots. Check your bank account to see which you are."

CDFingers
I'm going to plagiarize that for another site. LOL
I put it in quotes because I took it from another site without attribution. I think it's a thing,

CDFingers
Crazy cat peekin' through a lace bandana
like a one-eyed Cheshire, like a diamond-eyed Jack

Re: U.S. billionaires paid a lower tax rate than the working class last year

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They have tax lawyers, accountants and lobbyists that have gotten all those special deals written into the tax codes. They plan ahead, give to charities for the deductions which also helps their images park some overseas.... And if those tax lawyers and accountants don't save them money they drop them and hire others. Same way with corporations.
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: U.S. billionaires paid a lower tax rate than the working class last year

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CDFingers wrote: Mon Dec 16, 2019 12:01 pm
Wino wrote: Mon Dec 16, 2019 11:54 am
CDFingers wrote: Sun Dec 15, 2019 10:59 pm "There are two types of trump supporters, billionaires and idiots. Check your bank account to see which you are."

CDFingers
I'm going to plagiarize that for another site. LOL
I put it in quotes because I took it from another site without attribution. I think it's a thing,

CDFingers
It should be a campaign sign, tee shirt, and bumper sticker.
It is an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach.

- Franklin D. Roosevelt

Re: U.S. billionaires paid a lower tax rate than the working class last year

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highdesert wrote: Mon Dec 16, 2019 12:06 pm They have tax lawyers, accountants and lobbyists that have gotten all those special deals written into the tax codes. They plan ahead, give to charities for the deductions which also helps their images park some overseas.... And if those tax lawyers and accountants don't save them money they drop them and hire others. Same way with corporations.
And they hire politicians the same way--like Paul Ryan and Mitch McConnell.
"Even if the bee could explain to the fly why pollen is better than shit, the fly could never understand."

Re: U.S. billionaires paid a lower tax rate than the working class last year

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lurker wrote: Mon Jan 18, 2021 3:25 pm
Ritalean wrote: Mon Jan 18, 2021 3:23 pm Again and again, we come to the conclusion that the billionaires are laying to us...
"lying". :welcome: , rita. what do you shoot? got any pics? what part of the world do you hail from? romania, perchance? i used to shoot a romanian air rifle..
Yeah but "laying" is more.... interesting. Besides, it took her(?) almost 7 hours to come up with that. :laugh: :clap:

Re: U.S. billionaires paid a lower tax rate than the working class last year

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highdesert wrote: Mon Jan 18, 2021 11:10 pm They hire accountants and tax lawyers to figure all the ways that they can avoid paying taxes. It's the US Tax Code and it won't get fixed, too many special interests who influence politicians of both parties.
That is why their idea of a flat tax rate just sends spams of terror throughout the accounting and tax specialist firms.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

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