Tag: Tax Rates

TAX

Which Nation Has Taxed the Rich the Most? – CounterPunch.org

Why we have billionaires and trillionaires and a shrinking middle class,

Overall, notes the economist Thomas Piketty, America’s wealthiest faced an average 81 percent top tax rate between the years 1932 and 1980, one key reason why our richest 0.1 percenters — over the course of the 20th century’s middle decades — sawtheir share of the nation’s wealth sink from 25 to just 7 percent.

The rich — on both sides of the Atlantic — would spend plenty of time stewing about that shocking sink throughout those middle decades. But these deep pockets would eventually regain their political mojo, first in the UK with Margaret Thatcher’s 1979 political ascent and then a year later with Ronald Reagan’s election. By 1988, the UK’s top rate had sunk by over half, and America’s richest faced just a 28 percent top-bracket bite.

 

Source: Which Nation Has Taxed the Rich the Most? – CounterPunch.org

Informed Comment

The US ultra-rich justify their low tax rates with three myths – all of them rubbish | Robert Reich | The Guardian

‘Many of the richest Americans had the advantages that come with wealthy parents. Jeff Bezos’ garage-based start was funded by a quarter-million dollar investment from his parents.’

Australia’s forthcoming tax cut for the rich and Truss announcement in the UK are just as indefensible and even increasing numbers of the current wealthy are against it.

A record share of the nation’s wealth is in the hands of billionaires, who pay a lower tax rate than the average American. This is indefensible

Source: The US ultra-rich justify their low tax rates with three myths – all of them rubbish | Robert Reich | The Guardian

Informed Comment

Raise the corporate tax rate and kill three birds with one stone

Among proposals for tax reform considered by the Albanese Government, lifting the corporate tax rate should be included, as Alan Austin reports.

Source: Raise the corporate tax rate and kill three birds with one stone

Germany

Majority of Germans favor higher top Tax Rate to finance Climate Protection – Poll

Some 66 percent of German households are in favour of raising the top tax rate to finance climate action, according to a survey conducted by the ifo Institute in cooperation with the forsa opinion research institute. Researchers asked households about their preferences with regard to financing climate change policies.

Source: Majority of Germans favor higher top Tax Rate to finance Climate Protection – Poll