December 19, 2020

California Tax Brackets 2020

California Tax Brackets 2020 researchers at UC Berkeley wanted to look into what the effects of Donald Trump's tax cuts for the rich have led to and what they found was that the overall tax rate for the richest. 400 households in America was likely lower than what you, had to pay in taxes so according to the research for the first time on record the 400 wealthiest Americans last year paid a lower tax rate spanning federal state and local taxes than any. Other income group then any other income group the very richest, people in the country paid the lowest taxes as a percentage of.

Their income well that's look that perfectly defines the situation we have in America now god dammit call it what it is it's corruption those 400 are giant political donors they pay, the politicians they bribed them legally Republicans and oftentimes Democrats to rig the rules on their behalf so why you're thinking well I. Mean isn't don't we have a progressive tax system so the lower income groups. Still pay lower than 23 percent don't they no because you pay local taxes you pay state taxes payroll taxes are regressive and we're not even, talking about fines penalties parking tickets etc and all the other ways that they extract, money from you just on taxes alone the richest. People in the country pay the least exactly so let me give you some of the numbers so you can kind of juxtapose the situation we're in now with previous tax rates for the rich. The overall tax rate, on the richest 400 households last year was only 23% now keep in mind this is the average in some cases it's far less than that meaning that their combined tax payments equaled less than 1/4 of their total. Income this, overall rate was 70% in 1950 and 47% in 1980 see that's a redistribution of wealth to the top so.

If you had the higher taxes you take that and what do you do as in the 1950s you build highways you build bridges you build schools what did, that do that created the greatest economy known to mankind back in the 1950s 60s and 70s when taxes were far higher, on the wealthy not only did we have the average American prosper, but we had our entire economy prosper and even the rich got richer but we all, got wealthier together now since the Supreme Court decisions Buckley v Valeo belani in 76 78 the Supreme Court said bribery is legal corporations are human beings and they have speech, rights and so they can give unlimited money to politicians and since then.

They've all been bought and they rigged all the rules so we get none of it so our wages have been, stagnant for the last 40 years have moved anywhere our productivity is sky-high but the money went somewhere where. To go went to the very top so when they talk about class warfare they already did it the war is almost over and they won we lost the top 400. Got everything thanks for watching The Young Turks who really. Appreciate it another way to show support is through YouTube memberships you'll get to interact with us more this live chat emojis badges your kind of pro cheese of me Ana, John jr. so those are super fun but you also get playback of our exclusive, member only shows and specials right after they air so all that all you got to, do is click that join button right underneath the video thank you.

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