Trump's tax cuts helped billionaires pay less than the working class for first time

Economists calculate richest 400 families in US paid an average tax rate of 23% while the bottom half of households paid a rate of 24.2%

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.

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.

...But the tax cuts have not led to a significant uptick in economic growth, hiring has slowed and wage growth has remained lackluster. In the meantime the national deficit has swollen to $1tn.

http://www.theguardian.com/bus...-billionaires-pay-less

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“It is the heart of US policy to use fascism to preserve capitalism while claiming to be saving democracy from communism “ - Michael Parenti