Quotessence
Home / Books / The Second Estate: How the Tax Code Made an American Aristocracy

The Second Estate: How the Tax Code Made an American Aristocracy

Book by Ray D. Madoff · 1 quotes · Dark Money, Donor Advised Funds, Income Inequality

Filter quotes by topic

AllDark MoneyDonor Advised FundsIncome InequalityTax AvoidanceWealth Inequality

The Second Estate: How the Tax Code Made an American Aristocracy Quotes

“A frequent refrain of those defending the status quo is that the income tax system already heavily burdens the rich because the top 1 percent of earners pay 40 percent of all income taxes while 40 percent of Americans pay no income taxes at all. This is partially true: Individuals with the most taxable income do pay the most income tax. However, this statistic is about people who have high incomes, typically from work; it tells us nothing about the tax liability of those with the most wealth. Studies have shown that there is only about a 50 percent overlap between America’s wealthiest people and those who earn the most income. Moreover, as the leaked tax returns of several of the wealthiest Americans reveal, the ability of wealth owners to avoid taxable income means that they are just as likely to be among the 40 percent of nonpayers as they are the top 1 percent of earners.”

Income InequalityWealth InequalityTax Avoidance
Book:The Second Estate: How the Tax Code Made an American Aristocracy
Create image