Should We Soak the Rich? You Bet!

Posted on in Policy Context

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NYTimes.com – Opinion/Columnists
Oct. 12, 2019.   By

And they’ll still be loaded.

Donald Trump promised struggling working-class voters that he heard their frustrations and would act.

He did: He pushed through a tax cut that made income inequality worse. In 2018, for the first time, the 400 richest American households paid a lower average tax rate than any other income group, according to new research by two economists.

Those billionaires paid an average total rate of 23 percent in 2018, down from the 70 percent their 1950 counterparts paid. Meanwhile, the bottom 10th of households paid an average of 26 percent, up from 16 percent in 1950.

That’s the rot in our system: Great wealth has translated into immense political power, which is then leveraged to multiply that wealth and power all over again — and also multiply the suffering of those at the bottom. This is a legal corruption that President Trump magnified but that predated him and will outlast him; this is America’s cancer.

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