Paradox of personal income taxes of the rich in the US

On September 23, the White House released a new economic analysis showing how the wealthiest people in America pay less in taxes than everyone else.

This document is intended to reinforce President Joe Biden's efforts to raise taxes on the rich to increase funding for economic development.

View of Manhattan in New York, USA, April 3, 2021. Photo: AFP
View of Manhattan in New York, USA, April 3, 2021. Photo: AFP

The analysis was conducted by chief economist Danny Yagan of the Office of Budget Management (OMB) and senior expert Greg Leiserson of the Council of Economic Advisers (CEA), and was reported by The New York Times. Firstly. The document found that the 400 richest households in America (with net incomes between $2.1 billion and $160 billion) pay an average of just over 8 percent in federal income taxes. Specifically, between 2010 and 2018, the families mentioned above earned a total of $1.8 trillion including net worth and paid only about $149 billion in federal personal income taxes.

On Twitter on September 22, President Biden wrote: "I'm tired of the super rich and the giant corporations not paying enough taxes ... Time to change this." .

The document was released as President Biden is trying to push forward with a plan to increase income taxes on the rich and is seeking the support of Democrats in both houses of Congress for a support package. $3.5 trillion to strengthen federal efforts to fight climate change, reduce child care costs and reduce poverty by forcing the super-rich and corporations to pay more in taxes.

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