HM Customs and Revenue showed our millionaire Chancellor of the Exchequer anonymised tax returns for some of the UK's richest people. He is shocked they pay between 10% and nil on their income - all done legally.
He says this cannot be fair!
Yup..the Richistans here pay at 14% on average.
26 corporations paid 0.
Leona knew! "Only the little people pay taxes"
Janitor earning $33,000 pays at 26%.
$350,000 pays double that of a millionaire. Such advantage they have gotten from the gvt's eh? Time for a turn-around.
Sen. Bernie Sanders (I-VT) railed against the growing economic inequality in the United States during a Senate speech in support of the Paying a Fair Share Act of 2012.
“It is absurd that at a time when our country has a $15 trillion national debt and enormous unmet needs, the wealthiest people in this country have an effective tax rate that is lower than many middle-class workers,” he said on Monday. “It makes no sense that the richest 400 people in our country, who earned an average of more than $270 million each in 2008 pay an effective tax rate of just 18 percent, which is less than many small businessmen, nurses, teachers, police officers, et cetera. That is wrong from a moral perspective, it is also very bad economic policy.”
Bernie is as usual correct, the US has a terrible GINI index and it is only getting worse daily, we have almost the worst in the developed world.
Yep, Bernie's on target. The reason, at least in the US, that this happens is because the wealthy have access to lawmakers in a way that average people do not. This has led to decreases in things like the capital gains tax rate, which doesn't affect most people, but it tremendously beneficial to people like Mitt Romney, who earns comparitively little in actual salary, but has a huge income from capital gains and other things that are taxed less than salary.
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