In the early years, the personal income tax worked as Congress intended, falling squarely on the richest. In 1918, only 15% of American families owed any tax. The top 1% paid 80% of the revenue raised, according to historian W. Elliot Brownlee.
In 2018, he reported income of $1.9 billion. When it came to his taxes, Bloomberg managed to slash his bill by using deductions made possible by tax cuts passed during the Trump administration, charitable donations of $968.3 million and credits for having paid foreign taxes. The end result was that he paid $70.7 million in income tax on that almost $2 billion in income. That amounts to just a 3.7% conventional income tax rate. Between 2014 and 2018, Bloomberg had a true tax rate of 1.30%.
It's a good thing Texas passed this law or else they could have lost out on potential recruits.
Twitch: Of the 3M streamers on Twitch, ~300K have either Partner or Affiliate status (source)
“Creating a state holiday for Juneteenth in California would require legislation and, as a state holiday, it would be the subject of mandatory collective bargaining with employee groups,” Amy Palmer, spokeswoman for the California Government Operations Agency, said Thursday.
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