'The mechanisms of inequality are no secret. They include sharp reductions in marginal tax rates and skewed distribution of major tax breaks toward the rich,' writes columnist hiltzikm.
One is stories claiming that income well into six figures doesn’t make them really “rich.” The other involves hand-wringing and whining about their ruinous tax bills.
Admission to the 1% required annual earnings of at least $550,000; they paid “an average income-tax rate of 26%.” The average fell as one moved down the income ladder, until reaching the bottom 50% of taxpayers , who paid an average rate of 3.1%. Tax breaks such as deductions for retirement savings accounts and the preferential rate on capital gains skew heavily toward the rich.
The Journal doesn’t mention that. On Tuesday, as it happens, Biden announced a proposal to raise the net investment tax — that is, a tax on capital gains and dividends — from 3.8% to 5% for taxpayers with annual income of more than $400,000. ITEP calculated that in Texas, the poorest fifth of all households paid 13% of their family income in state and local taxes, compared to 3.1% of income paid by the top 1%. In Florida, the poorest fifth paid 12.7% of their income; the 1% forked over 2.3%.
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