Millionaire Governor Greg Abbott and wife paid only $104 in income taxes for 2014
April 22, 2015
Yes, you read that right. Not $104,000, but only $104 was paid by Governor Greg Abbott and his wife Cecilia altogether in income taxes for the year 2014.
Greg Abbott has an estimated net worth at $1.3 million, giving him the title of millionaire and placing him among the richest one percent of Texans. According to the Houston Chronicle, the Abbotts officially claimed to have taken in a total of $131,251 in 2014, on which they claimed $102,249 in deductions for property taxes and mortgage interest paid on their million-dollar home, as well as $4,495 in charitable donations. After all exemptions and loopholes, the Abbots paid a grand sum of $104, or 0.79% of their annual income.
What's perhaps most surprising about this is the fact that it isn't even surprising any more. While an identical may be seen as scandalous and riot-endusing in other circumstances, in modern America it has become everyday reality and expected that the ultra-rich pay next to nothing towards the public budget while working class people pay more than they can afford as they live day by day on the constant brink of financial catastrophe.
Today, taxes on the highest income brackets are the lowest in the entire history of the IRS, and many corporations, millionaires, and billionaires pay next to nothing, absolutely nothing, or even receive tax refunds and subsidies. Meanwhile, deductions for working class people have continued to decline as the tax burden has acceleratingly been shifted upon them to compensate.