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Topic Title: Trump's tax cuts helped billionaires pay less than the working class for first time Topic Summary: Created On: 10/11/2019 09:53 AM |
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- RustyTruck | - 10/11/2019 09:53 AM |
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- fishkller | - 10/12/2019 04:17 AM |
- RustyTruck | - 10/14/2019 07:29 AM |
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10/11/2019 09:53 AM
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Trump's tax cuts helped billionaires pay less than the working class for first time
Economists calculate richest 400 families in US paid an average tax rate of 23% while the bottom half of households paid a rate of 24.2% Thanks to the controversial tax package the top 0.1% of US households were granted a 2.5% tax cut that pushed their rate below that of the lower 50% of US earners. Taxes on the rich have been falling for decades. In 1960 the 400 richest families paid as much as 56% in taxes, by 1980 the rate had fallen to 40%. But Trump's tax cuts - his most significant legislative victory - proved a tipping point. ...But the tax cuts have not led to a significant uptick in economic growth, hiring has slowed and wage growth has remained lackluster. In the meantime the national deficit has swollen to $1tn. http://www.theguardian.com/bus...-billionaires-pay-less ------------------------- The American patriot professes love of his country while simultaneously hating 90% of its people. |
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