It's astounding that the wealthiest 400 Americans have the lowest federal income-tax rates.
Higher taxes are in order for the Zuckerbergs and Buffetts of the world bloom.bg/2M0Oaoz
Higher taxes are in order for the Zuckerbergs and Buffetts of the world bloom.bg/2M0Oaoz
📊By now, you've probably seen THE CHART.
When the animation starts, the 400 highest earners are paying 70%. When the animation finishes, the top 400 are paying just over 20% – lower than any other bracket bloom.bg/35joV8D
When the animation starts, the 400 highest earners are paying 70%. When the animation finishes, the top 400 are paying just over 20% – lower than any other bracket bloom.bg/35joV8D
.@Noahpinion points out a few caveats:
1. The graph zooms in on the top brackets
2. It doesn't include transfers
3. The tax rate of top earners is hard to measure
Despite these limitations, it’s clear that rates for the richest Americans have gone down bloom.bg/35joV8D
1. The graph zooms in on the top brackets
2. It doesn't include transfers
3. The tax rate of top earners is hard to measure
Despite these limitations, it’s clear that rates for the richest Americans have gone down bloom.bg/35joV8D
@Noahpinion A number of America's richest people, including Bill Gates and Warren Buffett, have called for their own taxes to be raised.
Mark Zuckerberg has gone even farther, declaring that “no one deserves” the amount of wealth that he's accumulated bloom.bg/35joV8D
Mark Zuckerberg has gone even farther, declaring that “no one deserves” the amount of wealth that he's accumulated bloom.bg/35joV8D
@Noahpinion 💰Americans generally agree about soaking the rich.
The share of people who believe that high earners pay too little in taxes has come down a bit over the years, but it’s still a substantial majority bloom.bg/35joV8D
The share of people who believe that high earners pay too little in taxes has come down a bit over the years, but it’s still a substantial majority bloom.bg/35joV8D
@Noahpinion So how can top earners be taxed? @Noahpinion proposes a 3-step solution.
Step #1: Raise the capital-gains tax rate. ⬆️The very top earners make most of their income from the financial assets they own bloom.bg/35joV8D
Step #1: Raise the capital-gains tax rate. ⬆️The very top earners make most of their income from the financial assets they own bloom.bg/35joV8D
@Noahpinion Step #2: Repeal President Trump’s new deduction for pass-through business income.
📑This lets many top earners pay lower taxes by passing their income through an S corporation or other closely held company bloom.bg/35joV8D
📑This lets many top earners pay lower taxes by passing their income through an S corporation or other closely held company bloom.bg/35joV8D
@Noahpinion Step #3: Create more tax brackets.
📈In 1920 there were more than 50 federal income-tax brackets. As of 2019 there are only seven. Adding more brackets at the top would allow steeper rates to be targeted at very high earners bloom.bg/35joV8D
📈In 1920 there were more than 50 federal income-tax brackets. As of 2019 there are only seven. Adding more brackets at the top would allow steeper rates to be targeted at very high earners bloom.bg/35joV8D
@Noahpinion The benefits would go beyond more government revenue: Taxing the rich more will increase social cohesion.
🇺🇸American society shouldn't be every man for himself. Successful individuals must give back to the country that gave them the opportunity to succeed bloom.bg/35joV8D
🇺🇸American society shouldn't be every man for himself. Successful individuals must give back to the country that gave them the opportunity to succeed bloom.bg/35joV8D
Correction: The top figure has been updated to indicate that taxes paid by the 400 wealthiest Americans are all taxes, not just federal taxes bloom.bg/2M2ZIYn
