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Oct 9 - Thank Trump! US Billionaires Paid Lower Tax Rate than Working Class for First Time


 


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 7 days ago '16        #1
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Boogersugar  115 heat pts115
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Oct 9 - Thank Trump! US Billionaires Paid Lower Tax Rate than Working Class for First Time
 

 
visit this link For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year

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.


The analysis, which was the subject of a column in the New York Times on Monday, 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 national 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 relatively small tax burden of the super-rich is the product of decades of choices made by American lawmakers, some deliberate, others the result of indecisiveness or inertia, Saez and Zucman say. Congress has repeatedly slashed top income tax rates, for instance, and cut taxes on capital gains and estates. Lawmakers have also failed to provide adequate funding for IRS enforcement efforts and allowed multinational companies to shelter their profits in low-tax countries.

But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. That bill, championed by President Trump and then-House Speaker Paul D. Ryan, was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate.

By 2018, according to Saez and Zucman, the rich were already enjoying the fruits of that legislation: The average effective tax rate paid by the top 0.1 percent of households dropped by 2.5 percentage points. The benefits the bill’s supporters promised — higher rates of growth and business investment and a shrinking deficit — have largely failed to materialize.
Trumpsuckers celebrate this scam perpetrated against the American public but this sh*t is foul. Warren and Bernie should be talking about this nonstop. All these tax cut scams run by Republicans claim to be about the middle class but as the article states the effective tax rate on the middle class hasn't changed in 50 years while it has gone down for the very wealthy. By more than half.

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Top 10 most propped recently  7 days ago '12        #2
OldBusiness  193 heat pts193
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Get ready for a bunch of broke n*ggas who paid more in taxes than Billionaires to come defend this.
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 7 days ago '18        #3
Lord God  topics gone triple plat - Number 1 spot x1
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Ever wonder why he has more to say about "prison reform" than his signature tax bill?

Now you know.
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 7 days ago '18        #4
SFamilyRep  22 heat pts22
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 OldBusiness said
Get ready for a bunch of broke n*ggas who paid more in taxes than Billionaires to come defend this.
Facts
+6   

 7 days ago '18        #5
DUCEDUCE  17 heat pts17
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 OldBusiness said
Get ready for a bunch of broke n*ggas who paid more in taxes than Billionaires to come defend this.
They have this illusion that their trailer park a*ses are going to be millionaires also. Like no bro you were born in that double wide, and if you think the president going to get you out of your trailer, you are going to die in that double wide.
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 7 days ago '05        #6
P-Hill|M  29 heat pts29
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How much of these breaks went to higher wages for their employees
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 6 days ago '18        #7
Deeznutz1981  topics gone triple plat - Number 1 spot x1
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@ how much has this effected your dirtysl*t wife??

She still sucking on d*ck to get by?

That little dirty fu*kingsl*t
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 6 days ago '06        #8
Skateboard T  59 heat pts59
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Dang they avoiding this like the plague.

Except of course fat head up there who’s made it crystal clear he doesn’t actually know anything other than the fact that he doesn’t like liberals and can’t explain why.
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 6 days ago '17        #9
Ymmot  24 heat pts24
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There's a reason the Republicans and trump don't bring up tax cuts anymore.
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 6 days ago '17        #10
Ymmot  24 heat pts24
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 Lord God said
Ever wonder why he has more to say about "prison reform" than his signature tax bill?

Now you know.
It's not even the tax reform trump promised on the campaign trail. This idiot said 3 tiers and your whole tax return would fit on one page.
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 6 days ago '09        #11
messy marv stan  topics gone triple plat - Number 1 spot x6
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 P-Hill said
How much of these breaks went to higher wages for their employees

all they got was a 1 time $1000 bonus that was extorted for 35% by the irs boogeyman


i thought bonuses under a certain amount were exempt from the irs sodomy fee
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 6 days ago '17        #12
Ymmot  24 heat pts24
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@ is bigly triggered by the truths in this thread.
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 6 days ago '10        #13
Bandito  300 heat pts300
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 Ymmot said
It's not even the tax reform trump promised on the campaign trail. This idiot said 3 tiers and your whole tax return would fit on one page.
He never mentions the middle class tax cut he promised before the midterms last year. Looks like the only way to get something from trump is to help him build another trump tower or promise to investigate Joe Biden.
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 6 days ago '07        #14
timdog  topics gone triple plat - Number 1 spot x1
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 6 days ago '18        #15
Eyesofchaos  24 heat pts24
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 Ymmot said
@ is bigly triggered by the truths in this thread.


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 6 days ago '08        #16
FlyboyCaz  1 heat pts1
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It’s so much sh*t trump has activated that by the time we all feel the full effects it’s going to be some catastrophic sh*t way worse than what bush did
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 6 days ago '04        #17
datboy|e  19 heat pts19
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We need to go after these billionaires and their families pillaging the US
+4   

 6 days ago '07        #18
Ham Rove  3541 heat pts3541
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Big win for the forgotten man!
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 6 days ago '04        #19
abacabb  181 heat pts181
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The question is what was done to get their rate that low.

For example...

If I made a $1,000,000 and donated 500,000.
My effective tax rate for the year would be about 15.5%.


Keep in mind I would've still paid over 150k in taxes.

What were are the deductions and/or credits?


Articles like this provide so little context that it is just to stoke fear.
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 6 days ago '04        #20
killadre  248 heat pts248
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 OldBusiness said
Get ready for a bunch of broke n*ggas who paid more in taxes than Billionaires to come defend this.
This.
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 6 days ago '16        #21
deezydee2323 
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ion care bout none of this sh*t , middle class been getting hosed forever so try your best to get RICH !
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 6 days ago '16        #22
Boogersugar  115 heat pts115 OP
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 P-Hill said
How much of these breaks went to higher wages for their employees
Trickle down economics has always been a scam, breh, don't be a fool.

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.
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.
If the tax rate has gone down dramatically for the top 0.1 percent since 1980 and they have captured more and more of the share of wealth since then... how much do you imagine is "trickling down" in the form of higher wages for their employees?



Don't buy the lies. There's a reason why companies like Apple made big, press-friendly, one-time bonuses instead of permanent wage increases in response to their permanent tax break... because that pulls the wool over the eyes of a lot of folks while the people at the top of the org chart enjoy a smaller tax bill AND more revenue at work. All those stock buybacks we kept seeing were an enormous transfer of wealth to C-suite execs around the country. Wake up breh.

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 6 days ago '04        #23
Grisly  39 heat pts39
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 OldBusiness said
Get ready for a bunch of broke n*ggas who paid more in taxes than Billionaires to come defend this.
pretty much

anybody that voted for trump and makes less than $100k a year is a certified fu*king idiot lol

they really some sheep and bought all that dumb bullsh*t he was talking lol

Trump is a goddamned master used car salesman running the country
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 6 days ago '05        #24
P-Hill|M  29 heat pts29
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 Boogersugar said
Trickle down economics has always been a scam, breh, don't be a fool.





If the tax rate has gone down dramatically for the top 0.1 percent since 1980 and they have captured more and more of the share of wealth since then... how much do you imagine is "trickling down" in the form of higher wages for their employees?



Don't buy the lies. There's a reason why companies like Apple made big, press-friendly, one-time bonuses instead of permanent wage increases in response to their permanent tax break... because that pulls the wool over the eyes of a lot of folks while the people at the top of the org chart enjoy a smaller tax bill AND more revenue at work. All those stock buybacks we kept seeing were an enormous transfer of wealth to C-suite execs around the country. Wake up breh.

I know.. I asked the question in jest
+1   

 6 days ago '17        #25
Naga Sadow  topics gone triple plat - Number 1 spot x1
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 Deeznutz1981 said
@ how much has this effected your dirtysl*t wife??

She still sucking on d*ck to get by?

That little dirty fu*kingsl*t
Hey you fat battyhole boy, you still there?


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