Taking on the Billionaires | Institute for Local Self-Reliance

Combatting defeatism may be our single most important psychological objective in the wake of the election. We need to revive the spirit embodied in Barack Obama’s vague but hopeful campaign slogan in 2008, “Yes We Can.” At the federal level this is a time to expose, to educate and to resist. But at the state…

Source: Taking on the Billionaires | Institute for Local Self-Reliance

Over the next 6-12 months Congress will almost certainly give the richest 1 percent of the population an income tax gift totaling some $75-150 billion. The 1 percent, with annual incomes averaging $1.3 million will capture 47 percent of the tax cuts for an average annual tax saving of $214,000 each, the non-partisan Tax Policy Center estimates based on Trump’s proposal, which does not differ dramatically from that of the House Republicans.

The top 0.1 percent, a population comprised of only 117,000 taxpayers who earn, on average $37 million a year will see their tax bill slashed by $1.3 million. The top .001 percent of taxpayers, fewer than 1400 individuals, who earn a dizzying $160 million annually, may see their bank accounts swell by some $10 million.

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