The Rich Really Do Pay Lower Taxes Than You
Opinion _ The Rich Really Do Pay Lower Taxes Than You – The New York Times
Watch how radically taxes on the wealthy have fallen over the past 70 years:
(Full column: https://t.co/XP0a4Iljti) pic.twitter.com/dGxmOjQ1b5
— David Leonhardt (@DLeonhardt) October 7, 2019
Every candidate who is faced with that ever popular question “But how will you pay for that” should simply refer to that graphic.
“Man, I can’t tell you how many economically anxious former millworkers and coal miners I talked to in in 2016 who told me, flat out, “Man, I can’t wait to vote for Trump so all those American corporations can hide their money overseas again.” From Bloomberg:
‘Treasury Department officials are considering rolling back a tax rule aimed at preventing American companies from moving money offshore to avoid U.S. taxes, according to several people familiar with discussions.
The Treasury is looking at regulations intended to prevent American firms from lowering their U.S. tax bills by shifting income to their offshore branches that they can loan to their domestic branches and deduct the interest off their Internal Revenue Service bills. The department is also contemplating repealing them entirely to replace them with something more business-friendly.
The move could make it easier for companies to use accounting tactics to minimize their U.S. earnings and inflate their foreign profits, which are frequently taxed at rates lower than the current 21% domestic corporate levy. The existing regulations were aimed at stopping U.S. companies from moving their headquarters to a lower-tax country, known as a corporate inversion.’
We should’ve stopped wondering why Republicans stick by the president* months ago. They stick with him because they and their donor class are getting all the goodies they’ve wanted back ever since they crashed the economy in 2008. They are the real Base and, in his rare lucid moments, even the president* knows it.”
And the same millworkers, coal miners and farmers mawa voters will vote for him again, despite his actions hurting the vast majority of them economically. That’s because the y do not vote for economic reasons, and never have.