Posts Tagged ‘tax’

For the Wealthiest, a Private Tax System That Saves Them Billions –

Tuesday, January 5th, 2016

For Wealthiest…Tax System…Saves Them Billions Since ’12 #tax for 1%ers flat at 24% v for top .1% down >3% to 18%

QT:{{"From Mr. Obama’s inauguration through the end of 2012, federal income
tax rates on individuals did not change (excluding payroll taxes). But
the highest-earning one-thousandth of Americans went from paying an
average of 20.9 percent to 17.6 percent. By contrast, the top 1
percent, excluding the very wealthy, went from paying just under 24
percent on average to just over that level.

“We do have two different tax systems, one for normal wage-earners and
another for those who can afford sophisticated tax advice,” said
Victor Fleischer, a law professor at the University of San Diego who
studies the intersection of tax policy and inequality. “At the very
top of the income distribution, the effective rate of tax goes down,
contrary to the principles of a progressive income tax system.”