How 50 Years of Tax Cuts Benefited the Wealthiest Americans

And screwed the rest of us.

Shifting Responsibility 

Over the last half-century, America’s wealthiest taxpayers have seen their tax outlays, as a share of income, drop enormously, by as much as two-thirds for the highest-income grouping the IRS tracks. Meanwhile, the share of their household income that middle class Americans pay in federal taxes has increased slightly.
Our nation has borrowed money to pay for the tax cuts that have gone and continue to go to America’s wealthy, a reality that will have future generations of mostly middle income taxpayers footing the bill — with interest — for these tax cuts.
The “Economic Recovery Tax Program” this report proposes would collect $450 billion in new revenue through tax increases only on the very wealthy. This program would also discourage financial speculation, strengthen the overall economy, and introduce greater transparency, fairness, and simplicity to the tax code.

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