One jarring chart shows how taxes on workers have essentially replaced those on corporations

https://markets.businessinsider.com/news/stocks/chart-showing-taxes-on-workers-have-higher-corporations-paying-less-2019-12-1028762171

Joseph Zeballos-Roig
Dec. 13, 2019, 08:39 AM

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Zucman told Business Insider that the trend, combined with wages that haven't budged much upward, has contributed to the high level of wealth inequality in the United States.

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"Workers — who have seen their wages stagnate over the last decades — have seen their tax rates increase, while the wealthiest Americans have seen theirs fall," Zucman said. "This tax injustice is a powerful engine of inequality."

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Taxes on the highest earners have been repeatedly cut by lawmakers over the last three decades: Twice under President Reagan, twice under President George Bush and also President George W. Bush, his son, according to the Washington Post. President Obama also temporarily extended the Bush tax cuts in the midst of the Great Recession, and made some of them permanent in 2013.

President Trump overhauled the US tax code in 2017, drastically slashing the corporate tax rate which led to a substantial drop in federal tax dollars collected.

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That's in stark contrast to payroll taxes, however, as they have steadily risen, helping to support a booming retirement population of Americans. They were temporarily cut in 2010 to help boost a sluggish economy but restored three years later.

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