Copyrighted Image? DMCA | Just how severe is income inequality when Tax Day rolls around?The new Internal Revenue Service (IRS) data helps illustrate the logic behind Sen. Bernie Sanders' (I-VT) call for radically reshaping the American income tax system to create pricey new brackets for extremely high earners. The numbers provide a deeper look inside the highest income echelon, breaking out data on income tax rates and total yearly earnings in previously unpublished detail. In the last year of the Bush tax cuts, there were well over a thousand people who reported more than $60 million in earnings but paid federal income tax rates far below 20 percent.The income tax system was only minimally regressive overall throughout this decade of IRS data, and at the very top it actually turned around and became regressive. These design flaws have helped to create the extreme wealth inequality ... |
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At thinkprogress.org
At thinkprogress.org
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