The overall tax rate for the richest 400 households last year was 23%
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.