From April 2011
400 super rich Americans control more wealth in the country than 150 million other Americans
Even though a government shutdown was averted – working class people will still be screwed over in America. A new report by Wealth for the Common Good shows that the 400 richest people in America – our nation’s oligarchs – have never had it so good and are paying the lowest taxes ever in their lifetimes.
Those 400 super rich Americans control more wealth in the country than 150 million other Americans, and yet are effectively taxed at a rate of just over 16% while the rest of spay up to 35% plus higher levels of sales, property, and other taxes. To put that in perspective These 400 rich oligarchs effective tax rate has dropped by more than 2/3 since Dwight Eisenhower's administration – while the rate for working people has nearly doubled. Rich people get a 2/3 tax cut over the last 50 years – working people get screwed with a 100% tax hike.
To make matters worse – average CEO pay increased dramatically last year – despite an 20% real under- and un-employment rate plaguing the rest of us. And yet – now Congress says they're gonna pass a budget that cuts federal education, health care, and energy assistance programs for working class Americans while doing nothing to make America’s oligarchs pay their fair share or sacrifice even one damn thing.