For the first time ever, America’s billionaires paid a lower tax rate last year than the country’s working class, according to a new report.
The study, from a new book titled The Triumph of Injustice , says the nation’s richest 400 families paid a 23 percent tax rate, lower than the 24.2 percent average for the bottom 50 percent of U.S. households.
Upper class taxes were reduced in the Tax Cuts and Jobs Act passed by the Republican-controlled Congress in 2017. But some economists say the numbers are misleading because they don’t factor in refundable tax credits among lower-income households.
Source: https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/
