This animation demonstrates how the ultra-wealthy in the US raised taxes on the poorest over 60 years

Sanjana Varghese
Friday 15 May 2020 08:45
news
(The New York Times/indy100)

You’re not imagining it – society is skewed in favor of the rich.

This animation, which appears to have been created by The New York Times to accompany an op-ed by David Leonhardt entitled 'The Rich Really Do Pay Lower Taxes Than You'.

A speeded-up version was posted by Nick Kapur on Twitter, demonstrating how the ultra-wealthy in the US raised taxes on the rest of society since 1950.

In 2018, the 400 ultra wealthiest Americans paid a lower tax rate than any other group.

In the 50s and 60s, the wealthy paid the highest tax rate of any group. Their total tax rate – federal, state and local, was 70 per cent.

This op-ed argues that tax avoidance has become more common since then, while other kinds of tax which made up a huge proportion of that 70 % tax rate – such as corporate tax – have dipped.

President Trump also made a tax cut in 2017, which also pushed the tax rate for those 400 wealthy households below what it is for everyone else.

Overall, the tax rate on those wealthy households last year was 23 per cent.

However, for middle class and low income families, some kinds of tax – such as payroll and social security taxes – have risen, but the overall tax rate has remained the same.

Does this seem fair to you?

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