The Sun Daily: Robin Hood Budget for Singapore
media mentionA study by the US Institute on Taxation and Economic Policy found the effective state and local tax rates by income group nationwide are 10.9% for the bottom 20%, 9.4% for the middle 20% and 5.4% for the top 1%. This means the poorest Americans pay twice as much in taxes as the very rich.
Another egregious example is Warren Buffet.
Thanks to Bush-era tax cuts, the third richest man in the world pays a lower tax rate than his cleaning lady.
“And that just isn’t the way the system should work,” Buffet says.