US billionaires now have a lower effective tax rate than working-class Americans for the first time in history, according to a report by Gabriel Zucman. Zucman suggests implementing a global minimum tax for billionaires to address this disparity. The report also highlights that low-income workers in Europe pay a significant portion of their earnings in taxes, impacting the economy's growth.
🧵Thread on @gabriel_zucman's claim that billionaires pay a lower tax rate than the average American, as published in yesterday's @nytimes. The short version: Zucman manipulates his data to fit a pro-tax political narrative. You can see this by comparing to his own earlier work.
The most shocking thing about this chart isn’t that billionaires pay low tax rates. It’s that low-income workers in Europe still have to pay half their earnings in taxes. No wonder why the economy there is so stagnant. https://t.co/1w5JiNa0vY
.@gabriel_zucman in @nytopinion argues for a global minimum tax for billionaires, parallel to the one for corporations. He finds that the bottom half of Americans now pay more in total taxes as a percentage of income than the 400 wealthiest Americans do. https://t.co/mZVY4379H6
NEW: 🇺🇸 US Billionaires now have a lower effective tax rate than working-class Americans for the first time in history. Probably nothing… https://t.co/rG2WnezW7Y
Not sure why / how this happened. The piece does not say why the "richest" tax rates have constantly gone down, while others as a % pay more https://t.co/K6HmcXuCEy