Edit to tldr: one of the richest men in the world “ paid a total tax rate of 17.7%, the average tax rate for people in his office was 32.9%.”
— No one is advocating for the old days with 90% tax on the wealthy. We all know that won’t work
— we have a progressive tax, meaning wealthier pay a higher rate, which is good. However many “tweaks” have eroded that so it’s no longer as true. Most people just want to undo those tweaks
— There are multiple tax brackets so you pay a higher percentage as you earn more. I do earn more than average so I pay more, fair. But I’m far from wealthy, so why am I in the highest tax bracket? Why do the Elon Musks of the world pay the same rate on income as my upper middle income?
— our income taxes are more complex than people realize, but many tax cuts of the last few Republican administrations have been for sources of income that mostly benefit the wealthy. Why is my salary income taxed at such a high rate compared to Elon Musk’s capital gains income?
— why do I pay taxes on all my income while a well known real estate grifter can incorporate hundreds of times and play shell games with his money, and claim to be both a billionaire with huge income AND writing off all that income as a business loss to avoid taxed
Edit to tldr: one of the richest men in the world “ paid a total tax rate of 17.7%, the average tax rate for people in his office was 32.9%.”
— No one is advocating for the old days with 90% tax on the wealthy. We all know that won’t work
— we have a progressive tax, meaning wealthier pay a higher rate, which is good. However many “tweaks” have eroded that so it’s no longer as true. Most people just want to undo those tweaks
— There are multiple tax brackets so you pay a higher percentage as you earn more. I do earn more than average so I pay more, fair. But I’m far from wealthy, so why am I in the highest tax bracket? Why do the Elon Musks of the world pay the same rate on income as my upper middle income?
— our income taxes are more complex than people realize, but many tax cuts of the last few Republican administrations have been for sources of income that mostly benefit the wealthy. Why is my salary income taxed at such a high rate compared to Elon Musk’s capital gains income?
— why do I pay taxes on all my income while a well known real estate grifter can incorporate hundreds of times and play shell games with his money, and claim to be both a billionaire with huge income AND writing off all that income as a business loss to avoid taxed
— but this fiasco really tells the story. How is it that when even one of the wealthiest thinks it’s unfair, we keep doing it? https://www.fool.com/taxes/2020/09/25/why-does-billionaire-warren-buffett-pay-a-lower-ta/
Interesting stuff to look into, thanks!