Debt

Bring on the economic insanity

Question are being asked now in the USA. Canadians should pay attention. Right wing influencers are also working in our country to advance the interests of plutocrats:

From commondreams.org:

Despite current efforts to shift the financial impact of government away from wealthy citizens, the rich are now paying a far lower share of their incomes in taxes than at any time since World War II. And, even as their share of the nation’s total income has withered, the tax burden on the middle has grown. Today’s working and middle-class taxpayers are shelling out a bigger chunk of income in payroll taxes, sales taxes, and property taxes than thirty years ago.

It’s just the opposite for super rich.

The top 1 percent’s share of national income has doubled over the past three decades (from 10 percent in 1981 to well over 20 percent now). The richest one-tenth of 1 percent’s share has tripled. And they’re doing better than ever.

Yet, remarkably, taxes on the top have plummeted. From the 1940s until 1980, the top tax income tax rate on the highest earners in America was at least 70 percent. In the 1950s, it was 91 percent. Now it’s 35 percent. Even if you include deductions and credits, the rich are now paying a far lower share of their incomes in taxes than at any time since World War II.

Categories: Debt, Economics, Inequality

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