1. Yesterday was the last day for Americans to file their 2023 taxes on time. What is the biggest difference between Tax Day this year and Tax Day in 1980? Millionaires pay A LOT LESS. 🧵
2. Between 1945 and 1980, American households that made $1 million or more paid an average of 50.1% of their income in federal taxes. Today, American households with more than $1 million in income now pay an effective tax rate of just 26%. popular.info/p/who-pays-on-…
@JuddLegum Doesn’t this chart bury the lede? It starts at the end of WW2 which was a time when the tax laws changed dramatically to fund the war effort. What were the tax rates like in the 1920s and 1930s?
@JuddLegum @RBReich Interestingly the top 10% of taxpayers pay 74% of all income taxes in the US. We can always do better, but federal tax revenue is at an all time high as well. taxfoundation.org/data/all/feder…
@JuddLegum @HenesyMichelle If I file my taxes with a note saying, “if trump doesn’t have to pay taxes, then neither do I.” No check for you! Will this work?