About 125,000 notices will be sent to high-income earners, including 25,000 people with income more than $1 million, the tax agency said. Maybe we should eat the rich before the price per pound exceeds that of ground beef.
Absorb this graph—but note that the final year is 2018, the year of Trump’s tax cuts. That’s #Trump’s big goal, always has been: to rip off working people and hand huge bags of cash to the ultra-wealthy, like himself and his Mar-a-Lago buddies.
Rutger Bregman:
Stunning graph: the plummeting tax rates of the richest Americans. For the first time in history, billionaires have a lower effective tax rate than working-class Americans.
Today, the new minimum wage of $17.28 in my city of Bellingham, WA goes into effect.
Compared to some other cities in the US, this may sound high. The federal minimum wage is $7.25 (since 2009).
Unfortunately, experts have calculated Bellingham's "living wage" closer to $23.52 for an individual and $29.97 for a family of four with two working parents.
According to Redfin, "In March 2024, Bellingham home prices were up 12.2% compared to last year, selling for a median price of $685K."
Average rent for an apartment is $1,863, and average rent for a house is $2,891.
Whatcom County, where Bellingham is located, recorded a 27% jump in unhoused people in 2023 (the most recent data), the highest increase since the point in time survey began in 2008.
A new analysis reveals how beginning in 2018, American #billionaires began paying a lower tax rate than the working class. We can thank #Trump's giant tax scam, and decades of #Republican policy catering to the ultra-rich.
"A coordinated minimum tax on the super-rich will not fix capitalism. But it is a necessary first step."
Voting Republicans out of office is necessary, too.