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.