Thursday, March 16, 2017

Have you bought the GOP propaganda that our biggest problem is we are overtaxed?

The GOP propaganda that we are overtaxed. Those making over $200,000 have the lowest tax rate in 75 years while those making less have a much lower share of national income but higher taxes.
Effective income tax rate by year by income -

The top 1% before 1980 had 25% of the wealth before 1980 but now have over 43% of the wealth because of changes in income and taxes.

The only group doing better than the wealthy in terms of taxes are corporations. As their taxes decline, our taxes have gone up.

The biggest increase in federal revenue has been on employment taxes, where workers, but not the wealthy because FICA taxes are capped by income, pay for Social Security and Medicare. Now the wealthy want to reduce those benefits and divert the revenue elsewhere. This is next on Trump's and the GOP agenda after healthcare/tax cuts for the wealthy Congressional fight we are seeing over Obamacare.

1 comment:

Gary said...

Here is another collection of charts. You are not imagining it. Since 1980 the rich have been getting all the income growth.