New Study: Billionaires Paid 91% Tax Rate in 1960, Now they pay 0%

The billionaire tax rate has dropped near zero since 1960, and this is due to a number of factors, including tax cuts, tax loopholes, and the rise of offshore tax havens.

As a result, billionaires are now paying less in taxes than ever before. This drop in the billionaire tax rate has had a number of detrimental effects on society. It has led to increased inequality, a decline in public services, and a weakening of democracy.

How the Billionaire Tax Rate Has Dropped

In 1960, the top marginal tax rate in the United States was 91%. This means that the wealthiest 1% of Americans paid 91% of their income in taxes. By 2020, the top marginal tax rate had fallen to 37%. This means that the wealthiest 1% of Americans now pay only 37% of their income in taxes. The drop in the billionaire tax rate is due to a number of factors, including:

• Tax cuts: The US government has passed a number of tax cuts in recent decades, which have disproportionately benefited the wealthy. For example, the Tax Cuts and Jobs Act of 2017 reduced the top marginal tax rate from 39.6% to 37%.
  - Tax loopholes: There are a number of tax loopholes that allow billionaires to reduce their tax liability. For example, the “carried interest” loophole allows hedge fund…