For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year

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I’ll be looking forward to critiques of this study: I don’t actually believe it. This paragraph of the article perked my attention: *On the question of tax burdens, Jason Furman, an economics professor at Harvard who chaired the White House Council of Economic Advisers under President Barack Obama, noted that Saez and Zucman did not include refundable tax credits, such as the earned-income tax credit (EITC), in their analysis.*


I always thought the common thinking was that Billionaires got most of their income from long term Capital Gains, which has always had a lower tax rate than income tax. So, I was surprised to see this story and that the Billionaires are paying more than I thought.


I assume they include capital gains taxes. This is bad. We should tax consumption, not savings.


I feel like they should be comparing the amount of money given in taxes instead of the tax percentages.


Do people not understand capital gains?