". . . perhaps the most important of the reasons Millennials and Zoomers are so badly screwed these days are the various changes in our tax code that began in the 1980s. . . Reagan dropped the top income tax rate on the morbidly rich from 74% down to 27%, and cut corporate tax rates from 50% to functionally nothing. . . America's richest millennial, Mark Zuckerberg, owns fully 2 percent or 1/50th of ALL the wealth of ALL millennials in the country. . . The average billionaire pays an income tax rate of under 3%, and the majority of our nation's largest corporations not only pay nothing in annual income taxes but most have so gamed the system that they get money back. . . And where does that money come from? It's taken out of the taxes the government collected from you and me. . . This 42-year-long process, with Reagan's original massive tax cuts amplified by trillions more in tax cuts for the morbidly rich from the Republican George W. Bush and Donald Trump administrations, has produced a $50 trillion transfer of real wealth from the middle class to the top 1%. . ."
I Know
- Finoa Apple
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