That is not what the data shows...I agree we should cut spending but what party in power is willing to do that?
https://www.forbes.com/sites/camilom.../#305036913128
For the first time in American history, the 400 wealthiest people paid a lower tax rate than any other group, according to a new study by economists Emmanuel Saez and Gabriel Zucman at the University of California, Berkeley.
The startling data was brought to light on Monday in a New York Times column, and is based on an analysis by Saez and Zucman in their new book, The Triumph Of Injustice.
Some critics of the new research say that the data is skewed, or even potentially wrong. However, the fact that the ultra-rich potentially pay a lower tax rate than the working class is a massive problem. The Trump administration’s tax cuts for the wealthy highlight the fact that policy is moving in the wrong direction. Especially when there’s worry of a potential recession.
The Tax Cuts and Jobs Act of 2017 was the largest tax overhaul in over three decades. It was rushed through congress and it’s working exactly as it was intended to do so: to line the pockets of the wealthy at the expense of the working class. Optically, it was championed as a way to boost the economy, but the fact is that unemployment was already low and the cuts came amidst a long bull market.
The tax cuts are deficit-financed which, according to William Gale, the Arjay and Frances Fearing Miller Chair in Federal Economic Policy at Brookings, means that “resources will be taken away from future generations as well as today’s working class.” In the past, we’ve seen that the government can create innovations like the 401(k), so clearly, it’s possible to pass tax reform that will actually help the average person.
Originally Posted by WTF
Saez and Zucman are lying mother fuckers. They're doing their best to recreate America in the image of their socialist countryman, Francoise Hollande. The only problem is that Hollande and the Socialist Party had to abandon the Piketty/Saez/Zucman model, because it threw France into stagnation, and the successful entrepreneurs and businessmen left when they became tired of the taxman. Hell, Gerard Depardieu even left France for that great bastion of free enterprise (comparatively speaking) Russia.
Their wealth tax that they designed for Bernie Sanders and Elizabeth Warren would have taken the capital from the most successful capitalists in the world. Would Walmart, Oracle, Google, Microsoft, Koch Industries, Facebook, Amazon, or Tesla ever have become world beaters if the government were taking 8% of their owners' capital every year, as Sanders and Saez and Zucman proposed? Some yes, some no. Or maybe all "no". But why do you want to cut the legs out from under one of the most successful economic models in the world? You want to see China kick our ass from here to Timbuktu? Just put these two jokers in charge of tax policy.
Again, these fuckers are liars. American has the most progressive tax system in the developed world, according to research by the OECD (Organization of Economic Cooperation and Development), which is about as respected and unbiased an organization as you'll find. Do a search on username "Tiny" and "Mankiw" here if you want more details.
As to the issue you bring up, look at this paper by a researcher at at Congress' Joint Committee on Taxation, a bipartisan committee. It shows that when you filter out Saez and Zucman's lies our tax system is very progressive, including for the top .01% of the population:
http://www.davidsplinter.com/Splinte...rogressive.pdf
I view very few people as evil. Saez and Zucman are evil.
As for your belief "that's not what the data shows," you should consider doing your own research. You can't believe everything you read. I presented quite a bit of evidence that the data DOES show that, directly from the St. Louis Fed, as well as some Census statistics from an admittedly biased source. A biased source that happens to be right in this instance.
