The share of wealth held by the Forbes 400 more than doubled from $1.27 trillion in 2009 to nearly $3 trillion this year. That marks a significant increase encouraged by a combination of sliding tax rates, stock market growth, and the economic recovery, according to Gabriel Zucman, an economist at the University of California, Berkeley…
The amount of taxable income for the wealthiest group of US citizens dropped from 27% in 2009 to around 23% this year, the first time they were effectively taxed lower than the nation’s working class…Meanwhile, the tax rate that the bottom 50% of American taxpayers pay hasn’t budged much over time.
Congress has cut taxes on capital gains and estates over the years. And the top income tax rates were slashed six times since 1980, some with the support of Democrats, The Washington Post reported. In 2010, President Obama delayed ending the George W. Bush tax cuts by two years, and Congress allowed it to expire in 2013.
President Trump’s 2017 Republican tax cuts largely benefited wealthy citizens and corporations, experts say. They axed the corporate tax rate from 35% to 21%, while also reducing the top rates for individuals.