Barack Obama rolled back some of these cuts, but many remained. House Republicans sought to go even further. Representative Paul Ryan's so-called road map eliminated all taxes on interest, dividends, capital gains, and estates. By 2013, only 1.4 out of every 1,000 estates owed any estate tax, and the effective rate they paid was only 17 percent.
Meanwhile, the tax rate paid by America's wealthy on their capital gains--the major source of income for the non-working rich--dropped from 33 percent in the late 1980s to 23.8 percent.
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The above quotations are from Saving Capitalism For the Many, Not the Few by Robert B. Reich. Click here for other excerpts from Saving Capitalism For the Many, Not the Few by Robert B. Reich. Click here for other excerpts by Paul Ryan. Click here for a profile of Paul Ryan.
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