"Trumps tax cuts helped billionaires pay less than the working class
for first time
Economists calculate richest 400 families in US paid an average tax rate
of 23% while the bottom half of households paid a rate of 24.2%
Donald Trumps tax package the top 0.1% of US households were granted a
2.5% tax cut that pushed their rate below that of the lower 50% of US earners.
Wed 9 Oct 2019 11.51 EDT
They were billed as a middle-class miracle but according to a new book Donald Trumps $1.5tn tax cuts have helped billionaires pay a lower rate
than the working class for the first time in history.
In 2018 the richest 400 families in the US paid an average effective tax
rate of 23% while the bottom half of American households paid a rate of 24.2%, University of California at Berkeley economists Emmanuel Saez and Gabriel Zucman calculate in their new book, The Triumph of Injustice.
Taxes on the rich have been falling for decades. In 1960 the 400 richest families paid as much as 56% in taxes, by 1980 the rate had fallen to
40%. But Trumps tax cuts his most significant legislative victory
proved a tipping point.
[snip]
https://www.theguardian.com/business/2019/oct/09/ trump-tax-cuts-helped-billionaires-pay-less
So, for the retrumplicans, a $1.5 trillion tax cut for the ultra
rich is no big deal. But $300 billion for people who are making less
than $125,000 is.
TB
"Trump’s tax cuts helped billionaires pay less than the working class
for first time
Economists calculate richest 400 families in US paid an average tax rate
of 23% while the bottom half of households paid a rate of 24.2%
Donald Trump’s tax package the top 0.1% of US households were granted a 2.5% tax cut that pushed their rate below that of the lower 50% of US earners.
Wed 9 Oct 2019 11.51 EDT
They were billed as a “middle-class miracle” but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.
In 2018 the richest 400 families in the US paid an average effective tax
rate of 23% while the bottom half of American households paid a rate of 24.2%, University of California at Berkeley economists Emmanuel Saez and Gabriel Zucman calculate in their new book, The Triumph of Injustice.
Taxes on the rich have been falling for decades. In 1960 the 400 richest families paid as much as 56% in taxes, by 1980 the rate had fallen to
40%. But Trump’s tax cuts – his most significant legislative victory – proved a tipping point.
[snip]
https://www.theguardian.com/business/2019/oct/09/trump-tax-cuts-helped-billionaires-pay-less
So, for the retrumplicans, a $1.5 trillion tax cut for the ultra rich is no big deal. But $300 billion for people who are making lessGoogling "bottom 50% pay what?" Comes back with 3% on average for the
than $125,000 is.
TB
Technobarbarian wrote:
Googling "bottom 50% pay what?" Comes back with 3% on average for the
"Trump’s tax cuts helped billionaires pay less than the working class
for first time
Economists calculate richest 400 families in US paid an average tax
rate of 23% while the bottom half of households paid a rate of 24.2%
Donald Trump’s tax package the top 0.1% of US households were granted
a 2.5% tax cut that pushed their rate below that of the lower 50% of
US earners.
Wed 9 Oct 2019 11.51 EDT
They were billed as a “middle-class miracle” but according to a new
book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a
lower rate than the working class for the first time in history.
In 2018 the richest 400 families in the US paid an average effective
tax rate of 23% while the bottom half of American households paid a
rate of 24.2%, University of California at Berkeley economists
Emmanuel Saez and Gabriel Zucman calculate in their new book, The
Triumph of Injustice.
Taxes on the rich have been falling for decades. In 1960 the 400
richest families paid as much as 56% in taxes, by 1980 the rate had
fallen to 40%. But Trump’s tax cuts – his most significant legislative >> victory – proved a tipping point.
[snip]
https://www.theguardian.com/business/2019/oct/09/trump-tax-cuts-helped-billionaires-pay-less
So, for the retrumplicans, a $1.5 trillion tax cut for the ultra >> rich is no big deal. But $300 billion for people who are making less
than $125,000 is.
TB
working class. Where do you get your data, from the Guardian?
Technobarbarian wrote:
Googling "bottom 50% pay what?" Comes back with 3% on average for the
"Trump’s tax cuts helped billionaires pay less than the working class
for first time
Economists calculate richest 400 families in US paid an average tax
rate of 23% while the bottom half of households paid a rate of 24.2%
Donald Trump’s tax package the top 0.1% of US households were granted
a 2.5% tax cut that pushed their rate below that of the lower 50% of
US earners.
Wed 9 Oct 2019 11.51 EDT
They were billed as a “middle-class miracle” but according to a new
book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a
lower rate than the working class for the first time in history.
In 2018 the richest 400 families in the US paid an average effective
tax rate of 23% while the bottom half of American households paid a
rate of 24.2%, University of California at Berkeley economists
Emmanuel Saez and Gabriel Zucman calculate in their new book, The
Triumph of Injustice.
Taxes on the rich have been falling for decades. In 1960 the 400
richest families paid as much as 56% in taxes, by 1980 the rate had
fallen to 40%. But Trump’s tax cuts – his most significant legislative >> victory – proved a tipping point.
[snip]
https://www.theguardian.com/business/2019/oct/09/trump-tax-cuts-helped-billionaires-pay-less
So, for the retrumplicans, a $1.5 trillion tax cut for the ultra >> rich is no big deal. But $300 billion for people who are making less
than $125,000 is.
TB
working class. Where do you get your data, from the Guardian?
On 8/26/2022 11:03 AM, Frank Howell wrote:
Technobarbarian wrote:
"Trumps tax cuts helped billionaires pay less than the working class
for first time
Economists calculate richest 400 families in US paid an average tax
rate of 23% while the bottom half of households paid a rate of 24.2%
Donald Trumps tax package the top 0.1% of US households were granted
a 2.5% tax cut that pushed their rate below that of the lower 50% of
US earners.
Wed 9 Oct 2019 11.51 EDT
They were billed as a middle-class miracle but according to a new
book Donald Trumps $1.5tn tax cuts have helped billionaires pay a
lower rate than the working class for the first time in history.
In 2018 the richest 400 families in the US paid an average effective
tax rate of 23% while the bottom half of American households paid a
rate of 24.2%, University of California at Berkeley economists
Emmanuel Saez and Gabriel Zucman calculate in their new book, The
Triumph of Injustice.
Taxes on the rich have been falling for decades. In 1960 the 400
richest families paid as much as 56% in taxes, by 1980 the rate had fallen to 40%. But Trumps tax cuts his most significant legislative victory proved a tipping point.
[snip]
https://www.theguardian.com/business/2019/oct/09/ trump-tax-cuts-helped-billionaires-pay-less
So, for the retrumplicans, a $1.5 trillion tax cut for the ultra rich is no big deal. But $300 billion for people who are making less
than $125,000 is.
TBGoogling "bottom 50% pay what?" Comes back with 3% on average for the working class. Where do you get your data, from the Guardian?
If we track this number back to its origin it's easy to see the
reason for 2 different numbers. I assume your number refers to what
working people pay in Federal income tax. Since you have no reference
for your number I also assume it doesn't include Social Security taxes,
which are explicitly regressive. Either way you're a long looooooonnnnng
way from the total taxes we pay.
"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, Americas 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, that 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 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."
https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billi
onaires-paid-lower-tax-rate-than-working-class-last-year/
TB
In reply to "Technobarbarian" who wrote the following:
On 8/26/2022 11:03 AM, Frank Howell wrote:
Technobarbarian wrote:
Googling "bottom 50% pay what?" Comes back with 3% on average for the
"Trump’s tax cuts helped billionaires pay less than the working class >>>> for first time
Economists calculate richest 400 families in US paid an average tax
rate of 23% while the bottom half of households paid a rate of 24.2%
Donald Trump’s tax package the top 0.1% of US households were granted >>>> a 2.5% tax cut that pushed their rate below that of the lower 50% of
US earners.
Wed 9 Oct 2019 11.51 EDT
They were billed as a “middle-class miracle” but according to a new >>>> book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a
lower rate than the working class for the first time in history.
In 2018 the richest 400 families in the US paid an average effective
tax rate of 23% while the bottom half of American households paid a
rate of 24.2%, University of California at Berkeley economists
Emmanuel Saez and Gabriel Zucman calculate in their new book, The
Triumph of Injustice.
Taxes on the rich have been falling for decades. In 1960 the 400
richest families paid as much as 56% in taxes, by 1980 the rate had
fallen to 40%. But Trump’s tax cuts – his most significant legislative >>>> victory – proved a tipping point.
[snip]
https://www.theguardian.com/business/2019/oct/09/
trump-tax-cuts-helped-billionaires-pay-less
So, for the retrumplicans, a $1.5 trillion tax cut for the ultra
rich is no big deal. But $300 billion for people who are making less
than $125,000 is.
TB
working class. Where do you get your data, from the Guardian?
If we track this number back to its origin it's easy to see the
reason for 2 different numbers. I assume your number refers to what
working people pay in Federal income tax. Since you have no reference
for your number I also assume it doesn't include Social Security taxes,
which are explicitly regressive. Either way you're a long looooooonnnnng
way from the total taxes we pay.
"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, that 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 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."
https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billi
onaires-paid-lower-tax-rate-than-working-class-last-year/
TB
Exactly. The people whoc whine that the poor don't pay enough taxes conveniently focus solely on federal income tax and ignore all the other taxes
and fees. It sure would be cool if they paid attention to the parts of the bible that address how we treat the poor and the less fortunate.
| Sysop: | Keyop |
|---|---|
| Location: | Huddersfield, West Yorkshire, UK |
| Users: | 297 |
| Nodes: | 16 (2 / 14) |
| Uptime: | 98:06:00 |
| Calls: | 6,659 |
| Calls today: | 1 |
| Files: | 12,208 |
| Messages: | 5,334,587 |