For the 1st time in history, U.S. billionaires paid a lower tax rate than the working class. What should we do about it?
The economists assert that the average effective tax rate paid by America's wealthiest 400 families was 23%, whereas the bottom half of households paid 24.2%. To offer historical perspective, the study reports that the 400 richest had an effective tax rate of 47% in 1980. In 1960, that rate was as high as 56%. has become a big issue as we approach the 2020 election.
The study has some fundamental flaws. The rich often pay lower tax rates—compared to others—due to their penchant for generating revenue through capital gains—and not from salaries. Money made in stocks, bonds and business ventures is treated differently by the IRS than salaries. The greater the risk, the higher the chance of success or failure. When you invest in the stock market, start businesses or purchase real estate, there is a chance for making a lot of money or losing it all.
There is a narrative that depicts wealthy people as just falling into their fortunes. Yes, some people inherit large inheritances from their families. The reality is that most multimillionaires and billionaires earned their money by taking risks and offering a product or service that people want or need.
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