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Liberty News ForumLNF Forums HerePolitical Opinion Page - The Hot Seat › For the first time, U.S. billionaires paid a lower tax rate than the working class
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Very Hot Topic (More than 25 Replies) For the first time, U.S. billionaires paid a lower tax rate than the working class (Read 390 times)
Ulysses
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For the first time, U.S. billionaires paid a lower tax rate than the working class
Oct 9th, 2019 at 1:49am
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For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year



So much for Donny looking after the average American.

How much taxes did Donny pay?

Quote:
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, their tax rate was as high as 56 percent. The effective tax rate paid by the bottom 50 percent, by contrast, has changed little over time.


Disgusting!
« Last Edit: Oct 9th, 2019 at 11:20pm by Ulysses »  

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Phillip3
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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #1 - Oct 9th, 2019 at 2:01am
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Surely all that additional money trickled down to the middle class, right?
  
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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #2 - Oct 9th, 2019 at 7:43am
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MAGA.. Make America Gilded Again..
  

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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #3 - Oct 9th, 2019 at 7:45am
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Phillip3 wrote on Oct 9th, 2019 at 2:01am:
Surely all that additional money trickled down to the middle class, right?


“The "trickle-down" theory: the principle that the poor, who must subsist on table scraps dropped by the rich, can best be served by giving the rich bigger meals.”
Blum
  

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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #4 - Oct 9th, 2019 at 9:06am
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Ulysses wrote on Oct 9th, 2019 at 1:49am:


Glad to see someone include payroll taxes that the rich don't pay, but the poor and middle class do.

I wonder if they considered the matching employer contribution (hidden worker tax) that would have been salary.


  

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Ulysses
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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #5 - Oct 9th, 2019 at 10:03am
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Fiddler wrote on Oct 9th, 2019 at 7:45am:
“The "trickle-down" theory: the principle that the poor, who must subsist on table scraps dropped by the rich, can best be served by giving the rich bigger meals.”
Blum


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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #6 - Oct 10th, 2019 at 12:05am
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Fiddler wrote on Oct 9th, 2019 at 7:45am:
“The "trickle-down" theory: the principle that the poor, who must subsist on table scraps dropped by the rich, can best be served by giving the rich bigger meals.”
Blum


The theory is clearly flawed if one thinks that somehow those whose only source of wealth is "table scraps dropped by the rich" are somehow giving "the rich" anything.
  
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Ulysses
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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #7 - Oct 11th, 2019 at 11:46am
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wyattstorch2004 wrote on Oct 10th, 2019 at 12:05am:
The theory is clearly flawed if one thinks that somehow those whose only source of wealth is "table scraps dropped by the rich" are somehow giving "the rich" anything.


Their labor, you moron.
  

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wyattstorch2004
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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #8 - Oct 11th, 2019 at 10:10pm
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Ulysses wrote on Oct 11th, 2019 at 11:46am:
Their labor, you moron.


Right.  So they don't just live off "table scraps" from the rich. Obviously.  Thanks for making that clear.
  
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Re: For the first time, U.S. billionaires paid a lower tax rate than the working class
Reply #9 - Oct 11th, 2019 at 10:37pm
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If you have no problem with the working class paying a lower tax rate than the billionaires, then you should have no problem with billionaires paying a lower tax rate than the working class *FOR THE FIRST TIME*.

As I always say, I support a flat tax rate where every working American 18 years or older has to pay the exact same rate. It shouldn't matter if you make $1 billion a year or $1,000 a year. Everybody should pay, and everyone should pay the same rate.
  


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