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America's richest are paying less tax than working-class people in a historical first.
Data published by The New York Times shows that America's top billionaires are now paying less taxes than they have for decades.
In the 1960s, the 400 richest Americans paid more than half of their income in taxes, according to the Times. By 2018, America's wealthiest individuals paid just 23 percent of their income in taxes. Meanwhile, the bottom half of income earners paid 24 percent of their income in taxes.
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Today, America's richest people control a greater share of the country's wealth than during the "Gilded Age of Carnegies and Rockefellers," the paper said, referring to a period of unprecedented wealth concentration in the late 19th and early 20th centuries.
This is partly due to significant decreases in taxes on the rich.
Richest Americans now pay less tax than working class in historical first
America's top billionaires are now paying less tax than they have for decades.
www.newsweek.com
