Billions For Billionaires, Cont.

Axios morning email thingie alerts us to yet more empirical evidence that the Billions for Billionaires tax cuts worked as designed: for the benefit of billionaires:

“For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group,” N.Y. Times op-ed columnist David Leonhardt writes.

  • The overall tax rate for the richest 400 households last year was 23%, down from 70% in 1950 and 47% in 1980.
  • Why it matters: “That’s a sharp change from the 1950s and 1960s, when the wealthy paid vastly higher tax rates than the middle class or poor.”

The data is from what Leonhardt calls the most important book on government policy that he’s read in a long time — “The Triumph of Injustice,” by UC Berkeley economics professors Emmanuel Saez and Gabriel Zucman, out Oct. 15.

Yes, you read that right: Billionaires are now paying less in taxes than you and I. I hope that they do spend it all in one place.

I spent my ill-gotten gains of 1₵ already. Funny old world.

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4 Responses to Billions For Billionaires, Cont.

  1. Can we hold a gofundme to make some guillotines? Asking for a friend….

    Liked by 1 person

    • MDavis says:

      Try for a kickstarter to make historically accurate representations of stuff. The G blade could be filed amongst law and order devices or tools of the rebel forces. Either one works.

      Liked by 1 person

  2. Ivory Bill Woodpecker says:

    Thanks a fucking heap to the Stupid White Bigots of Real Amurka for making this possible.

    Though of course, not all of the reactionaries are bigots. Some “merely” display a depraved indifference to the victims of bigotry, as long as the GOP keeps delivering those low taxes on the merely affluent, as well as the flat-out rich.

    Like

  3. w3ski4me says:

    It goes to show we can no longer afford the rich. They take too many resources and give back too little.
    w3ski

    Like

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