The freeways are 'carparks' now, much of the nation is in poverty, and homelessness is increasing because things are becoming increasingly unaffordable for everyone but the rich.
Billionaires in America are only paying a tax rate of 8%...according to Joe.
IRS tax rates for single filers
MARGINAL TAX RATE INCOME THRESHOLD
10% $0 to $10,275
12% $10,275 to $41,775
22% $41,745 to $89,075
24% $89,075 to $170,050
32% $170,050 to $215,950
35%. $215,950 to $539,900
37% $539,900 or more
For wage income. Rich get most of their money from capital gains, dividends, and other financial operations that are taxed at a lower rate and often provide legal loopholes.
So many distortions.
IRS income can include wages and much more such as business profit, ordinary dividends, distributions from savings and retirement accounts, etc. Capital Gains rates are lower but are not collected until an investment is sold and, usually, at a higher value.
Nearly 70 percent of the Forbes 400 richest Americans are self made and the share of the self made wealthy has risen from 40 percent in the 1980s to nearly 75 percent today.
Despite moaning from the likes of AOC and the progressives, the middle class is NOT shrinking because it is getting poorer, but rather because of a long term trend in upper middle class growth.
Poll
