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**Hugh** · 31-01-2025, 15:36

Quote:

Originally Posted by Pierre

Billionaires?

Quote:

Originally Posted by papa smurf

Maybe it's a mere rounding up error

Billionaires…

https://www.theguardian.com/business...aires-pay-less

Quote:

They were billed as a “middle-class miracle” but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.

In 2018 the richest 400 families in the US paid an average effective tax rate of 23% while the bottom half of American households paid a rate of 24.2%…

… Taxes on the rich have been falling for decades. In 1960 the 400 richest families paid as much as 56% in taxes, by 1980 the rate had fallen to 40%. But Trump’s tax cuts – his most significant legislative victory – proved a tipping point.

Thanks to the controversial tax package the top 0.1% of US households were granted a 2.5% tax cut that pushed their rate below that of the lower 50% of US earners…

… The calculations of Saez and Zucman, who have previously worked with the French economist Thomas Piketty, take into account not just federal income taxes but also state, local and corporate taxes.

https://www.propublica.org/article/s...utiful-tax-cut

Quote:

The Trump administration championed the pass-through provision as tax relief for “small businesses.”

Confidential tax records, however, reveal that Johnson’s last-minute maneuver benefited two families more than almost any others in the country — both worth billions and both among the senator’s biggest donors.

The Inside Story of How We Reported the Secret IRS Files
Dick and Liz Uihlein of packaging giant Uline, along with roofing magnate Diane Hendricks, together had contributed around $20 million to groups backing Johnson’s 2016 reelection campaign.

The expanded tax break Johnson muscled through netted them $215 million in deductions in 2018 alone, drastically reducing the income they owed taxes on. At that rate, the cut could deliver more than half a billion in tax savings for Hendricks and the Uihleins over its eight-year life.

But the tax break did more than just give a lucrative, and legal, perk to Johnson’s donors. In the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows. Republican and Democratic tycoons alike saw their tax bills chopped by tens of millions, among them: media magnate and former Democratic presidential candidate Michael Bloomberg; the Bechtel family, owners of the engineering firm that bears their name; and the heirs of the late Houston pipeline billionaire Dan Duncan.