Fascinating interactive charts from the #NYTimes confirming what we already know: the intent of the #tax laws as they were originally written was for the richest, highest income earners to pay the majority of tax; this is, essentially, the bedrock of democratic socialism.
Did you know the US had a 70 percent income tax bracket in 1950? That fact alone is almost certainly what created the fleeting window of opportunity for the "middle class" to be formed. The generation that grew up in this fleeting window peeking into a middle class life is AKA what we call the "baby boomer" generation in the US.
"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 haven’t benefited much if at all from the decline in the corporate tax or estate tax. "
Indeed, the original "blind" system of taxation, based strictly on income numbers, has been replaced with a "dark" system that instead lets earners hide income and "buy" personal favor of politicians.
Short of a revolution, things are not likely to change.
“Many people have the view that nothing can be done. Our case is, ‘No, that’s wrong. Look at history.’” As they write in the book: “Societies can choose whatever level of tax progressivity they want.” When the United States has raised tax rates on the wealthy and made rigorous efforts to collect those taxes, it has succeeded in doing so."
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