Opinion | The Rich Really Do Pay Lower Taxes Than You - The New York Times


66 bookmarks. First posted by mellowfish 17 days ago.


The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980.

For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they haven’t benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat.

The combined result is that over the last 75 years the United States tax system has become radically less progressive.
inequality  Politics  taxes 
7 days ago by cnk
David Leonhardt, in the NY Times: "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."
nytimes  taxes  data  dataviz  economics 
9 days ago by warnick
RT : Animation bringing clarity to a simple chart.
from twitter
10 days ago by Mykl
“If efforts to tax the super-rich were really doomed to fail, why would so many of the super-rich be fighting so hard to defeat those efforts?”
Taxes  Inequality  Saez  Zucman  Economics  IRS 
11 days ago by Membranophonist
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…
from instapaper
11 days ago by breau
Opinion | The Rich Really Do Pay Lower Taxes Than You via Instapaper https://nyti.ms/3172RL0
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…
instapaper 
13 days ago by patrick
The 400 wealthiest Americans now pay a lower rate than the middle class.
politics  economics  capitalism  inequality  tax 
14 days ago by geetarista
"But the second half of the 20th century was mostly a victory for the low-tax side. Companies found ways to take more deductions and dodge taxes. Politicians cut every tax that fell heavily on the wealthy: high-end income taxes, investment taxes, the estate tax and the corporate tax. The justification for doing so was usually that the economy as a whole would benefit.

The justification turned out to be wrong. The wealthy, and only the wealthy, have done fantastically well over the last several decades. G.D.P. growth has been disappointing, and middle-class income growth even worse. "
capitalism  economics  politics  taxes  america  government  GOP  IRS  ugh 
14 days ago by conner
Tax the rich.
tax  economics 
14 days ago by SteveLambert
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…
from instapaper
16 days ago by scottsin
"'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. And it can succeed again."
a:David-Leonhardt★  p:The-New-York-Times/Opinion★★  d:2019.10.06  w:1000  infographic  taxes  social-class  history  economics  from twitter
16 days ago by bankbryan
The Rich Really Do Pay Lower Taxes Than You.
from twitter_favs
16 days ago by fkbarrett
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.
IFTTT 
16 days ago by rwhe
NY Times: For what may be the first time ever, the richest few people actually do pay a lower percentage of taxes than ANY other income group. Aside from that, most everyone pays about the same percentage (23-30%) -- we no longer have a progressive tax system.
nytimes  via:HackerNews  taxes  politics  datavisualization 
16 days ago by mcherm
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. The Rich Really Do Pay Lower Taxes Than You
Archive  best  stories  hacker  news 
16 days ago by Agiza
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.
article 
16 days ago by mud
The 400 wealthiest Americans now pay a lower rate than the middle class.
politics  capitalism  america  taxes  usa  wealth  inequality  concentration  class 
16 days ago by ivar
Warren's wealth tax is based on a wealth tax proposed by the two economists in this article

The conclusion of their book is that top 400 wealthiest people in the US pay less total tax than any other grouphttps://t.co/wTvqLWXCtP

— Leigh Stewart (@l4stewar) October 7, 2019
16 days ago by lestew
Richer Americans now pay *lower* tax rates than average Americans
taxes  america  politics  flattax  progressive 
16 days ago by nelson
interesting question at the end
incomeinequality  taxes  wealthtax 
16 days ago by LakeHighlandCongress
from Daring Fireball

David Leonhardt, writing for The New York Times:

The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980.

For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they haven’t benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat.

An excellent animated graph accompanies his column, showing how the combined tax rates on the very richest of the rich in the U.S. — not the top 1 percent, but the top 400 households — has plummeted in the last few decades. Good conclusion too:

I already know what some critics will say about these arguments — that the rich will always figure out a way to avoid taxes. That’s simply not the case. True, they will always manage to avoid some taxes. But history shows that serious attempts to collect more taxes usually succeed.

Ask yourself this: If efforts to tax the super-rich were really doomed to fail, why would so many of the super-rich be fighting so hard to defeat those efforts?

 ★ 
ifttt  daringfireball 
16 days ago by josephschmitt
David Leonhardt, writing for The New York Times:

The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980.

For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they haven’t benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat.

An excellent animated graph accompanies his column, showing how the combined tax rates on the very richest of the rich in the U.S. — not the top 1 percent, but the top 400 households — has plummeted in the last few decades. Good conclusion too:

I already know what some critics will say about these arguments — that the rich will always figure out a way to avoid taxes. That’s simply not the case. True, they will always manage to avoid some taxes. But history shows that serious attempts to collect more taxes usually succeed.

Ask yourself this: If efforts to tax the super-rich were really doomed to fail, why would so many of the super-rich be fighting so hard to defeat those efforts?

 ★ 
via:daringfireball 
16 days ago by rufous
The 400 wealthiest Americans now pay a lower rate than the middle class.
newswire  wealth  capitalism 
16 days ago by kejadlen
David Leonhardt/The New York Times, Oct. 6, 2019.
16 days ago by markcoddington
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. via Pocket
IFTTT  Pocket 
16 days ago by egwillim
Det er NY Times som har gått gjennom dataene:
from twitter_favs
16 days ago by Arnte
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…
from instapaper
16 days ago by davejavou
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.

“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.

I already know what some critics will say about these arguments — that the rich will always figure out a way to avoid taxes. That’s simply not the case. True, they will always manage to avoid some taxes. But history shows that serious attempts to collect more taxes usually succeed.

Ask yourself this: If efforts to tax the super-rich were really doomed to fail, why would so many of the super-rich be fighting so hard to defeat those efforts?
taxes  politics  culture  history 
16 days ago by ramitsethi
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.
dataviz 
16 days ago by prcleary
RT : Tax rate, top 400 richest households:

1950: 70%

1980: 47%

2018: 23%
from twitter
16 days ago by meghanclare
Tax rate, top 400 richest households:

1950: 70%

1980: 47%

2018: 23%
from twitter_favs
16 days ago by gpe
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. via Pocket
IFTTT  Pocket 
16 days ago by schmitz