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Congratulations to our presumptive Democratic nominee, Joe Biden!
Democratic Primaries
In reply to the discussion: We now know the richest 400 Americans have rigged the system [View all]Celerity
(44,344 posts)30. this seems to fit the definition of rigged, regardless of anyone's feelings about Sanders
Almost a decade ago, Warren Buffett made a claim that would become famous. He said that he paid a lower tax rate than his secretary, thanks to the many loopholes and deductions that benefit the wealthy.
His claim sparked a debate about the fairness of the tax system. In the end, the expert consensus was that, whatever Buffetts specific situation, most wealthy Americans did not actually pay a lower tax rate than the middle class. Is it the norm? the fact-checking outfit Politifact asked. No.
Time for an update: Its the norm now.
For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate spanning federal, state and local taxes than any other income group, according to newly released data.
The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980.
For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they havent benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat.
The combined result is that over the last 75 years the United States tax system has become radically less progressive.
Source:
https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
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Exactly. I wonder if he even sees his own culpability in creating this paradigm? -nt
Amimnoch
Oct 2019
#8
Nah. I've learned that many things he's not happy about he considers "rigged". It seems to be....
George II
Oct 2019
#11
Nope. You know, I can think of only one other politician who routinely uses the word "rigged".
George II
Oct 2019
#22
And yet no one who claims it's "rigged" can actually articulate what they mean....
George II
Oct 2019
#24
I certainly understand your desire to avoid "being bothered to Google" yourself
LanternWaste
Oct 2019
#27
this seems to fit the definition of rigged, regardless of anyone's feelings about Sanders
Celerity
Oct 2019
#30
We know all their names. Which part of "we" will make them have a sit down. IF they can be found.
ancianita
Oct 2019
#4
No, when Republicans have majorities in the legislature they vote to lower taxes and regulations
betsuni
Oct 2019
#5
It's not conspiracy of any kind to see that quid pro quo, done enough, cripples democracy.
ancianita
Oct 2019
#10
You raised the "diabolical conspiracy" idea. You tell me what that means and you'll have your
ancianita
Oct 2019
#15
It isn't really "now know" since anyone that has followed personal and corporate tax rates
TexasTowelie
Oct 2019
#12
True, this is not news. And, anyone who follows these things knows that "The 400"...
TreasonousBastard
Oct 2019
#13