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Exactly. Percentage tax rates don't mean squat when you're hiding all your income.
by asdfologist 10y ago
Exactly. Percentage tax rates don't mean squat when you're hiding all your income.
- MrTonyD 10y agoPercentages mean almost nothing sometimes. I was running my own business for a while and making many hundreds of thousands - and spending $30,000 in a day didn't mean anything to me. So paying 20% vs 30% vs 50% wouldn't have made any difference in my daily life.
- adevine 10y agoPercentages also don't mean much when you split "rich" vs "middle-class" based on some arbitrary top x% of income. The real difference in the US is between the landed gentry (people who live off their investments) and people who are paid for their labor. That is where many people (like Warren Buffet) see a fundamental unfairness, especially in cases where people who are paid for their labor manage to get it taxed at investment income levels (e.g. carried interest).