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In reply to the discussion: "Name a Country Where 70% Tax Worked" [View all]SunSeeker
(51,550 posts)53. Your 2016 stats were rendered irrelevant by Trump's 2017 tax cuts for the rich.
In 2018, for the first time in history, Americas richest billionaires paid a lower effective tax rate than the working class.
...
But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. The legislation, championed by President Trump and then-House Speaker Paul D. Ryan (R-Wis.), 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 promised by the bills supporters higher rates of growth and business investment and a shrinking deficit have largely failed to materialize.
...
But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. The legislation, championed by President Trump and then-House Speaker Paul D. Ryan (R-Wis.), 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 promised by the bills supporters higher rates of growth and business investment and a shrinking deficit have largely failed to materialize.
https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/?outputType=amp
Plus, as others have stated in this thread, it's misleading to just talk about federal income taxes. We should be talking about effective total tax rate. Current law results in a smaller share paid by the richest 1 percent and the next richest 4 percent. All other groups pay a larger share of total taxes under current law compared to what they would pay under pre-TCJA law. https://itep.org/who-pays-taxes-in-america-in-2019/
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"Marginal" wasn't mentioned originally (when Dell was told at once the US had the rate up to 1980)
muriel_volestrangler
Mar 2021
#31
We worship rich guys and pretend they know about things they have no idea about
Johnny2X2X
Mar 2021
#47
Your 2016 stats were rendered irrelevant by Trump's 2017 tax cuts for the rich.
SunSeeker
Mar 2021
#53
Yup. Payroll taxes, sales taxes, utility/use fees, etc. are how the poor get soaked with taxes.
SunSeeker
Mar 2021
#51
So tax capital gains at the same marginal rates that person would have for income
muriel_volestrangler
Mar 2021
#35
The following companies had effective rates of 0% or less, according to the report:
UpInArms
Mar 2021
#30
It depends on how one defines "worked." And Republicans have a different definition.
Beartracks
Mar 2021
#63