Monday, May 6, 2024

U.S. effective tax rate on the richest people

A few days ago, Judd Legum of Popular Information shared this chart.

Judd Legum, Popular Information, in a Substack Note, May 3, 2024: What’s wrong with America, in one chart

It shows that, in 1960, the richest 400 people in the US had an effective tax rate more than 2.5 times higher than the rate the bottom half of earners had. In 2018, these two groups had the same rate (24% and 23% respectively).

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