The ultra-rich in America are paying lower taxes than everyone else
on Sunday, David Leonhardt wasted no time in unveiling a stunning new reality of modern American life:
Amazingly, the overall tax rate for these 400 households was just 23 percent, compared to 70 percent in 1950 and 47 percent in 1980. There has definitely been a decline in the federal tax rate, but major slashes in the corporate and estate tax have also played an enormous role in reducing the tax rate for the very rich, not to mention the various loopholes and shelters available to big business.
“Many people have the view that nothing can be done,” Zucman told me. “Our case is, ‘No, that’s wrong. Look at history.’” As they write in the book: “Societies can choose whatever level of tax progressivity they want.” When the United States has raised tax rates on the wealthy and made rigorous efforts to collect those taxes, it has succeeded in doing so.
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