Report has it that rich Americans pay lower taxes than the poor masses. Radically, taxes have fallen over the last 70 years on the rich. This is a proof of what Warren Buffet said over a decade ago that he pays lower tax than his secretary.
President Trump’s tax cut in 2017 helped push the tax rate on the 400 wealthiest households below the rates for almost everyone else.
This could be the reason why majority of the masses are poor compared to the few wealthy numbers. Though the whitehouse claims that Unemployment is down, income is rising and the vast majority of Americans had a tax break. The masses complain that there is subsequent lack of funding for public universities, student debt crisis, millennials are not able to afford homes or children, & the eventual contraction of the overall tax base.
The war on the poor is real. As a regular reminder “Between 1989 and 2018, the top one percent increased its total net worth by $21 trillion. The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period”.
according to a twitter user “Things we could have if the wealthiest paid their fair share of TAXES:
* infrastructure fixes * Medicare for all
* lowered interest rate college Debt
* less income/wealth inequality”
In Washington state the poorest 20% pay nearly 18% in state and local taxes + they have to pay an additional 7.65% in payroll taxes. That equals a 25.65% tax bracket in just state and payroll taxes for a minimum wage worker before adding any federal taxes.
Though there is a promise that the wealth will begin trickling down any day now. But this is still an illusion until it manifests in the life of the masses.