A Big Thank You, America! From The Super Rich

[turbinetree]

By David Cay Johnston, DCReport Editor in Chief

Congress is about to take up Donald Trump’s desire for people like himself to get income-tax-rate cuts. So, what’s the long-term trend in tax-rate cuts? And how has the vast majority fared compared with the richest?

Is there a case to be made that the highest income people in America need a tax-rate cut? What do the numbers tell us about the claim that at current tax rates the rich cannot afford to invest in ways that will create more jobs?

Thanks to a quirk in the official data, we can compare the very highest income Americans in 1961 and 2013 with the vast majority, the 90%. For two decades, the IRS has done an annual report on the 400 highest income taxpayers. The latest data on them is from 2013. Turns out in 1961 there were 398 taxpayers who made more than $1 million, allowing a statistical comparison to 2013.

Take a seat. The numbers may knock the breath out of you when you read what 52 years have done to the incomes and tax burdens of the vast majority and those at the apex of the economy.


https://www.dcreport.org/2017/09/26/a-big-thank-you-america-from-the-super-rich/


David Cay Johnston...............

[DK504]

1. We can thank Ronnie Raygun

for fucking us over. He never met a regulation he didn't over turn. Despite the damage he did in office and the damage his ideas have caused 30 years later, the rubes have zero idea how badly they were burned.

[Laf.La.Dem.]

2. "create more jobs"

THAT is the big BS line to give the rich a bigger tax cut!!