KnowThyself
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- Oct 7, 2019
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A new book-length study on the tax burden of the ultrarich begins with a startling finding: In 2018, for the first time in history, America’s richest billionaires paid a lower effective tax rate than the working class.
But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. That bill, championed by President Trump and then-House Speaker Paul D. Ryan, was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate.
By 2018, according to Saez and Zucman, the rich were already enjoying the fruits of that legislation: The average effective tax rate paid by the top 0.1 percent of households dropped by 2.5 percentage points. The benefits the bill’s supporters promised — higher rates of growth and business investment and a shrinking deficit — have largely failed to materialize.
Well...Democrats should be mad at their politicians for lying to them for so many years about only republicans are supposedly in the top 1percent, when most of their donors are people like Jeffrey Buzz buzz Bezzos the owner of Amazon, and the richest person in America! and the list goes on. Mark Zuckerberg(owner of facebook, owe and zuck suck also suppresses Republican voices on his site, which is unethical, and he's a Democrat), Mark Cuban, the owner of Google(the largest search engine in the world. Google also suppresses Republicans by flooding their searches with a lot more Liberal information than republican based. Talk about corruption, and brainwashing! lol. they cheat and still can't win!).
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