Can't be trumpeted (heh) loudly enough.
...When President Donald Trump entered office, the richest 1% of tax filers ($675,000 income and above) paid a little more than 40% of the income taxes collected.
The 2017 Trump tax cut reduced the effective highest federal tax rate to 37% from 42%.
Both Joe Biden and Bernie Sanders, then as now, condemned this a giveaway to the rich.
But the most recent IRS tax return data (for 2021) confirm that even as these rates were lowered — not to mention the corporate tax rate cut from 35% to 21% — the share of the tax burden shouldered by the 1% rose to almost 46%....
There's a reason that the noise about "flat tax" got really loud just before this bill went through. The rich LOVE the flat tax. But the bottom quint? Not so much, largely because starving to pay the 'flat' is not really desirable.
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