Trump Administration Mulls a Unilateral Tax Cut for the Wealthy

Ypu pay for the wall or the rich man pays for it.

 

To spend more money a fiscally conservative Congress would have to either cut something else or raise taxes. Of course, they're coming after Social security and medicare so I suppose the elderly will have to pay for this useless wall.

 

You mean cut the military to stop them from wasting billions of $? That would be great.

 

I'm talking about really wealthy people (top 0.1%). They won't spend the $25K. They'll invest it to make the inequality gap greater. (Look at my chart.)

 

No. I want a fairer tax policy and fairer wages for the middle class so it doesn't disappear in America.

 

No. The very wealthy sell $250M in stock taxed at LT capital gains rates while most of us deal in amounts like $50K or less. The wealthy sell $100M homes while the rest of us sell $250K homes.

 

This is the income information I was looking for.
Never mind the 1 percent. Let's talk about the 0.01 percent.


The United States has 325 million people—in 160 million households, as viewed by the Internal Revenue Service. That means 1.6 million households fall into the 1 percent category.

The threshold for membership in the 1 percent in 2014 was an annual household income of $386,000, excluding any capital gains, according to Chicago Booth’s Eric Zwick. That’s more than seven times the median household income that year of $54,000. The 0.1 percent, 160,000 families, in 2014 made at least $1.5 million a year. The top 0.01 percent, 16,000 families, had annual income of $7 million.

Income share is another way to assess how the strata of the 1 percent are doing.

Between 1995 and 2015, the income share (including capital gains) of the top 1 percent rose from roughly 15 percent to 22 percent, according to Piketty and Saez’s data. The income share of the top 0.1 percent rose from 6 percent to 11 percent, and the income share of the top 0.01 percent rose from 2.5 percent to about 5 percent. In terms of percentage points, the top 1 percent’s rose the most. In terms of the rate of increase, the 0.01 percent’s did.

After-tax income tells a similar story. For the top 1 percent, it nearly tripled between 1980 and 2014, according to research by Paris School of Economics’ Thomas Piketty and UC Berkeley’s Saez and Zucman. For the top 0.1 percent, it almost quadrupled in the same period. And post tax income for the 0.01 percent rose 423 percent. Post tax income for the entire US population rose by only 61 percent during this time, the study demonstrates.

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The story is in the last paragraph. For the U.S. as a whole after-tax income rose 61% from 1980 to 2014 while the after-tax income of the 0.1% it quadrupled and rose 423% for the top 0.01%. The real comparison should be the income growth of say the lower 90%. If I remember correctly that was about flat but that statistic is not in this article.

 

I'm talking in real (inflation adjusted) terms. But I found a better article and will post it. Now you post YOUR data.