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October 7, 2019 04:09 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Z0Ec57g_RTU/the-rich-really-do-pay-lower-taxes-than-you
The Rich Really Do Pay Lower Taxes Than You
An anonymous reader shares a column: Almost a decade ago, Warren Buffett made a claim that would become famous. He said that he paid a lower tax rate than his secretary, thanks to the many loopholes and deductions that benefit the wealthy. His claim sparked a debate about the fairness of the tax system. In the end, the expert consensus was that, whatever Buffett's specific situation, most wealthy Americans did not actually pay a lower tax rate than the middle class. "Is it the norm?" the fact-checking outfit Politifact asked. "No." Time for an update: It's the norm now. 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, according to newly released data. That's a sharp change from the 1950s and 1960s, when the wealthy paid vastly higher tax rates than the middle class or poor. Since then, taxes that hit the wealthiest the hardest -- like the estate tax and corporate tax -- have plummeted, while tax avoidance has become more common.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Z0Ec57g_RTU/the-rich-really-do-pay-lower-taxes-than-you
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