Billionaires paid lower tax rate than working class for first time in US history: study
Source: The Hill
By Justine Coleman - 10/08/19 07:27 PM EDT
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Economists Emmanuel Saez and Gabriel Zucman found in their book-length study "The Triumph of Injustice" that the average tax rate paid by the richest 400 families in the country was lower than the rate paid by the bottom half of American households in 2018, The Washington Post reported.
The wealthiest 400 families had a 23 percent tax rate, compared to the bottom half of households, which had a 24.2 percent tax rate.
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Saez and Zucman, economists at the University of California at Berkeley, analyzed Americans' effective tax rates since the 1960s, including federal income taxes, corporate taxes, state and local taxes, and "indirect taxes," which refer to licenses for businesses and motor vehicles, the Post reported........................................
The wealthy's taxes have declined over time from various actions by lawmakers, but the 2017 Tax Cuts and Jobs Act significantly lowered taxes for this group.
Read more: https://thehill.com/policy/finance/domestic-taxes/464935-billionaires-paid-lower-tax-rate-than-working-class-for-first
we knew this. now it is official.
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