Tuesday, January 05, 2016

From Robert Reich

One of the major feats of the American oligarchy has been to use their political power to reduce their tax rates, so they can accumulate even more while contributing even less. The chart below shows how effective they've become since 1990. Bear in mind that in the 1950s, when America's super-wealthy raked in a far smaller fraction of the nation's total personal income, the highest marginal tax rate was 91 percent -- and their effective rate (after deductions and credits) was well over 50 percent.

Their goal is to gain control over most of the nation's assets, while paying little or no income, capital-gains, or estate taxes on any of it. The current batch of Republican candidates are all offering tax plans that would advance this goal.

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