White House analysis says wealthy Americans pay far less in taxes than others
Source: Reuters
WASHINGTON (Reuters) - The White House on Thursday published a new economic analysis that showed how the wealthiest Americans pay far less in taxes than others - an effort to bolster President Joe Biden's push to increase taxes on the rich to fund his economic agenda.
"I'm sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes," Biden wrote on Twitter on Wednesday. He is pushing a $3.5 trillion bill that would expand federal efforts to fight climate change, reduce the cost of child care and decrease poverty by getting the super rich and corporations to pay more taxes.
The White House analysis from two economists suggests that the wealthiest 400 households in the country those with net worth ranging between $2.1 billion and $160 billion pay an effective federal income tax rate of just over 8 percent per year on average.
It finds that between 2010 and 2018, those top 400 households, when including the rising value of their wealth, earned a combined $1.8 trillion and paid an estimated $149 billion in federal individual income taxes.
Read more: https://www.msn.com/en-us/money/markets/white-house-analysis-says-wealthy-americans-pay-far-less-in-taxes-than-others/ar-AAOJYeh?li=BBnb7Kz
FakeNoose
(32,633 posts)Thank you Ronald Reagan. Thank you Repukes.
Dustlawyer
(10,495 posts)Grins
(7,212 posts)Like water is wet
?
LakeArenal
(28,817 posts)For years.
How many analysts does it take to change a light bulb?
No one knows, well have to study that for decades.
Bayard
(22,061 posts)aocommunalpunch
(4,236 posts)Its American culture and the rich get what they want from government. They own the joint. It aint changing, no matter how many Manchins or Sinemas we replace. The system is corruptive due to the donor class. Best understand that.
ffr
(22,669 posts)Who's the idiot right-winger who substituted the RW talking point word "increase." He's not increasing anything! He's trying to restore the tax bracket for the rich.
The RW really does have the media by the balls. Every term has been redefined to their reality.
Yo_Mama_Been_Loggin
(107,922 posts)JT45242
(2,262 posts)Seriously -- who didn't already know that.
Add in the money that is in stock options and the low corporate tax rate and 8% is much more than they really pay.
While middle class slobs like me pay federal taxes, we pay FICA on all our wages, we pay state taxes, we pay local income taxes to cities...
we live in communities that do not get tax abatements for property.
If I start a small business, the local city and county won't rush to give me a 20 year tax abatement like Walmart, Amazon, and Google would get....
corporate welfare Ok ... tax the poor and middle class OK....
unless this study changes policy it was a waste of time to "discover" something taht we all knew before.
lambchopp59
(2,809 posts)At the same time period Stuart Varney pushed his "99.6 percent welfare recipients have a refrigerator!!" Scroogy nonsense:
Ed Asner narrated the video that could have penetrated some of the brainwashed in simplistic format the ilk could follow.
Fox Scrooge channel took the extinguisher to that as quickly as they could say Bah, humbug on dem social justice (responsibility advocates)... er... warriors.
May heaven bless the creators of this sort of reality check.
And may we all be thinking twice before ordering the likes of Amazon zippy doo dah convenience without regard to what the like is costing us all.
inwiththenew
(972 posts)That is whoever has the gold make the rules. Same as it ever was.