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The Great American Tax Heist: How Billionaires Pay Less Than You
A startling revelation has emerged from the depths of America's tax code: billionaires are now paying a lower effective tax rate than the working class. This shocking inversion of the progressive tax system, designed to tax the wealthy more, has ignited a firestorm of debate and underscored the widening chasm of income inequality in the nation.
In a cruel twist of irony, the bottom half of income earners are now forking over around 24%, effectively bearing a heavier tax burden than the billionaires who own yachts and private islands. Sun-drenched beaches, turquoise waters, and a cloak of financial secrecy: this is the allure of offshore tax havens, the playgrounds of the ultra-wealthy seeking to shield their fortunes from the taxman's grasp. Finally, opaque campaign finance regulations can make it difficult to track the sources of political donations, potentially allowing wealthy individuals or corporations to buy influence over tax policy.
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