For the first time in history, billionaires paid lower taxes than working class

[Bleach Blonde Bad Built Butch Bodies for Biden]

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.

Washington Post

All of those Republican tax cuts sure are doing their job.

[Progressive Pessimist]

That's too bad, but I trust our out-of-touch "billionaire" President to do the right thing for us working class folks in the end. It's why he needs another term. He protects us from people who are different after all!

[Badger]

Utterly disgusting. What kind of so-called economic Conservative Republican candiff end this? How can anyone who isn't themselves a billionaire or close to it vote Republican on the issue of taxes? Genuinely interested in hearing some of our usual suspects chimed in here.

[Sir Mohamed]

Mr. Trump is working for his buddies, whom he told in Mar-A-Lago "I just made you a lot richer".

[Person Man]

For voters who call their opponents cucks, they actually pay for the “honor”.

[MasterJedi]

Maybe they'll let it trickle down with minimum wage jobs because that's all they can afford to pay with no benefits?

[MarkD]

Did the study reveal what were the effective tax rates, say, eight years ago, in 2011? Did the Obama administration and the Democratic Congress of 2009-2010 do something to restore progressivity in the tax code?

[Santander]

I'm more concerned about why we're cutting individual tax rates with a massive deficit and a strong economy (on paper) than the ETR of any specific income bracket.

[Nyvin]

Trump and Republican's fiscal policy is utterly disgusting.

[Person Man]

I'm more concerned about why we're cutting individual tax rates with a massive deficit and a strong economy (on paper) than the ETR of any specific income bracket.

It could be a boon if we go through another business cycle and inflation remains low. I expect the period immediately after the next recession to be like 10-20 years of stagflation.

[Nutmeg]

That's too bad, but I trust our out-of-touch "billionaire" President to do the right thing for us working class folks in the end. It's why he needs another term. He protects us from people who are different after all!

All of this and also I expect that I will be one of these rich people one day by pulling myself up by my bootstraps, so I naturally support lower taxes on billionaires out of self-interest.

[YE]

In a real social democratic country there would be protests on the streets over something like this.

[GP270watch]

 And yet we've had a solid month of corporate news demonizing Warren's tax plan on fortunes over $50 million. It shows how brainwashed and defeated the general populace has become. We live in Kleptocracy.

[Santander]

The IRS needs at least 50,000 more staff and the budget to help them fight armies of accountants and lawyers.

[GP270watch]

The IRS needs at least 50,000 more staff and the budget to help them fight armies of accountants and lawyers.

 What the IRS currently has to go after high net-worth individuals is the equivalent of a water pistol against an army of well paid goons operating Thompson submachine guns. And it's a vicious circle because the more money the rich skate by on paying taxes, the more they have to allocate resources to attracting the brightest talent and buying politicians to write more complex and obscure legislation that makes unraveling what somebody really owes nearly impossible.

[President Johnson]

The IRS needs at least 50,000 more staff and the budget to help them fight armies of accountants and lawyers.

Agreed, though this could be solved by simplifying the tax system as a whole. It's not easy to pass through congress, but possible.

[RINO Tom]

Only Josh Hawley can fix this.

[junior chįmp]

In a real social democratic country there would be protests on the streets over something like this.

Nobody cares. Average voters arent paying attention

[Meclazine for Israel]

Good.

It really comes down to competence.

The government is incompetent.

Billionaires are competent.

I would rather the money of my country in the hands of intelligent business entrepeneurs.

The government is a corrupt cesspit of inability.

[pbrower2a]

That happens when government is for sale, and the ones with the money buy the process.

To spoof the motto of Michigan,

"If you seek a blatant plutocracy, look around".

[Amenhotep Bakari-Sellers]

This time, when the Dems get the trifecta,  there is no negotiation with Filibuster as Dems will raise taxes on wealthy

[Libertas Vel Mors]

Bullsh**t study, already been debunked. Failed to properly account for state taxes and made several easily disprovable assertions as to the tax split.