The rich avoid taxes. Surprised? The wealthiest 400 households in the United States paid 23% in combined taxes at all levels last year. That is the equivalent rate, or actually slightly lower than what lower income families pay and about 2/3rds what higher income families would pay normally. This is one of the reasons that the US government budget is now generating a $1 trillion dollar deficit annually (besides too much spending). Back in 1950 when Eisenhower was President, the rate was 70% and even by 1980, it was 50%. The major reason for this decline is not the tax bill of last year, but the growth of the “tax avoidance” industry. The brief glimpse we saw of President Trump’s tax return from one year showed he paid no taxes. He said it was because he was smart. A great example to set. We won’t even go into what the average S&P 500 company pays. Is this why we need tariffs?
The Rich Avoid Taxes
