The Bourgeoisie pay lower tax rate - surprise!

Wealthiest Americans pay 3.4% of income in taxes

Between 2014 and 2018, the 25 wealthiest Americans collectively earned $401bn, but paid just $13.6bn – about 3.4% of that – in taxes, according to an investigation by ProPublica, which has been exploring the tax records of the top 0.001% wealthiest U.S. citizens. The report shows that the wealthy benefit from lower tax rates on financial assets and deductions from charitable contributions to keep their taxes low. ProPublica highlights that the wealthy have their income taxed at a lower rate because much of their wealth is accumulated through investments, like stocks. While the rate of income tax typically increases the higher up you go, that trend tops out at the $2m-$5m range, with that group paying an average income tax rate of 29% from 2013 to 2018, according to ProPublica’s analysis of IRS’ publicly reported data. Average income tax rates, especially for America’s ultra-wealthy, drop from there, however; collectively, the top 400 highest-earners paid an average income tax rate of about 22% during that period, the report found.

Forbes The Guardian Biden renews push for sustainable aviation fuel tax credit President Joe Biden on Tuesday made a renewed push for new tax credits for sustainable aviation fuel (SAF), a key part of reducing carbon emissions from air travel. Mr. Biden last year called for tax incentives for low carbon jet fuel, made from waste and vegetable oils, as part of a broader climate and social spending package that is stalled in Congress. The White House is targeting 20% lower aviation emissions by 2030 and those incentives are crucial to making the fuel competitive. Mr. Biden cited American Airlines' and United Airlines' support for sustainable aviation fuel and said biofuels were key to decarbonize aviation. It comes as the United States and Europe are trying to boost production of SAF, which is now made in miniscule quantities from feedstocks such as used cooking oil, and can be two to five times more expensive than standard jet fuel.