Hudson Yards neighborhood in Manhattan. Photo: Spencer Platt/Getty Images

The 400 wealthiest Americans last year paid a lower total tax rate for federal, state and local taxes than any other income group for the first time on record, according to the New York Times.

Why it matters: Tax rate for the wealthy has steadily dropped since the 1950s and 1960s, when the wealthy paid vastly higher tax rates than the middle class or poor.

By the numbers: The overall tax rate for the richest 400 households last year was 23%, down from 70% in 1950 and 47% in 1980.

  • The data used in the piece comes from the from a book called “The Triumph of Injustice,” to be released next week.
  • The authors are University of California, Berkeley professors Emmanuel Saez and Gabriel Zucman, who are economic advisers to Elizabeth Warren's 2020 presidential campaign.

Go deeper: Americans are saving at an unusually high level after Trump's tax cuts

Go deeper

Updated 19 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 13,258,016 — Total deaths: 576,752 — Total recoveries — 7,366,845Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 3,416,222 — Total deaths: 136,319 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

2 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."