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Tuesday, August 06, 2024

Elon Musk's social media platform X has sued a group of advertisers, alleging that a "massive advertiser boycott" deprived the company of billions of dollars in revenue and violated antitrust laws. The company formerly known as Twitter filed the lawsuit Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted. It accused the advertising group's initiative, called the Global Alliance for Responsible Media, of helping to coordinate a pause in advertising after Musk bought Twitter for $44 billion in late 2022 and overhauled its staff and policies. read more


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"Since 1984 the JEC has provided factual information about the impact of the tax cuts of the 1980s. For example, for many years the JEC has published IRS data on federal tax payments of the top 1 percent, top 5 percent, top 10 percent, and other taxpayers. These data show that after the high marginal tax rates of 1981 were cut, tax payments and the share of the tax burden borne by the top 1 percent climbed sharply. For example, in 1981 the top 1 percent paid 17.6 percent of all personal income taxes, but by 1988 their share had jumped to 27.5 percent, a 10 percentage point increase."
"The share of the income tax burden borne by the top 10 percent of taxpayers increased from 48.0 percent in 1981 to 57.2 percent in 1988. Meanwhile, the share of income taxes paid by the bottom 50 percent of taxpayers dropped from 7.5 percent in 1981 to 5.7 percent in 1988. A middle class of taxpayers can be defined as those between the 50th percentile and the 95th percentile (those earning between $18,367 and $72,735 in 1988). Between 1981 and 1988, the income tax burden of the middle class declined from 57.5 percent in 1981 to 48.7 percent in 1988. This 8.8 percentage point decline in middle class tax burden is entirely accounted for by the increase borne by the top one percent."
www.jec.senate.gov

#72 | Posted by madbomber

Cute way to measure it.

If I make $1 million in 1981 with an 25% effective tax rate, I paid $250,000 in taxes.

But then I make $10 million in 1987 with an 10% effective tax rate, I paid $1 million in taxes.

Mad says my taxes went up and is pissed about it!

I say it's a problem I would love to have.

Dude, do you understand what happened to incomes since 1981? The highest earners are earning way more year after year while middle class wages adjusted for inflation stagnated.

THAT'S WHY THE HIGHEST EARNERS ARE PAYING A LARGER PERCENTAGE OF THE INCOME TAX BASE AS A WHOLE BUT PAYING LOWER TAXES THAN EVER BEFORE.

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