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TigressDem

(5,126 posts)
2. Millionaires not even FILING their tax returns... Billionaires paying max of 8.2%
Thu Nov 23, 2023, 10:26 AM
Nov 2023

Pursuing TAX CHEATS is where the money is for building the economy.
We need to get as on message with this as we are on abortion rights.
TAX CHEATS in the top tiers MUST be made an example of so this cheating stops.
IF the wealthy actually PAID their taxes, we could debate on lower rates for them, a flat tax even.


https://www.oxfamamerica.org/explore/stories/do-the-rich-pay-their-fair-share/

Do billionaires pay their fair share?

Billionaires in the US pay a smaller tax rate than most teachers and retail workers. Thanks to a tax code that favors income from wealth over income from work—and a slew of tax-avoidance strategies—the richest among us end up paying a smaller percentage of their income to the federal government than most working families.

Here’s what we know:

Since 2020, the richest 1 percent have captured almost two-thirds of all new wealth.

According to a 2021 White House study, the wealthiest 400 billionaire families in the US paid an average federal individual tax rate of just 8.2 percent. For comparison, the average American taxpayer in the same year paid 13 percent.

According to leaked tax returns highlighted in a ProPublica investigation, the 25 richest Americans paid $13.6 billion in taxes from 2014-2018—a “true” tax rate of just 3.4 percent on $401 billion of income.

That’s not paying your fair share. Instead of our tax system rewarding wealth over work, it should ensure that billionaires play by the same set of rules as the rest of us. It’s good for the planet, and it’s essential to the preservation of our democracy

https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates

BACK during the most prosperous times for America, the "Glory Days" Republican Conservatives supposedly long for.... tax rates were up in the 90% range for the top tier.



AND LET US SAY THIS CLEARLY...... even IF the top tier has to pay OUTRAGEOUS TAXES, they can still afford at least ONE home if not 20 and put food on their table, clothe their children and send them to school.

There is NO "life and death" burden on the rich paying their fair share.

The bottom 50 percent that shares something UNDER 5% of GDP should not be paying a higher percentage than billionaires because they can't afford fancy lawyers or off shore accounts to stash money.

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