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Republican tax legislation that continues the transfer of wealth from the lower and middle classes to the top 0.1% of families. Ahem. The top 0.1% of earners
by CWuestefeld 7y ago
Republican tax legislation that continues the transfer of wealth from the lower and middle classes to the top 0.1% of families.
Ahem.
The top 0.1% of earners pay more than 20% of the total taxes collected.
The bottom 43.8% of earners pay only 1.4% of the taxes.
If the rich are making money off the backs of the poor, it's certainly not through our income tax system.
Source: https://www.pewresearch.org/fact-tank/2017/10/06/a-closer-look-at-who-does-and-doesnt-pay-u-s-income-tax/ https://www.pewresearch.org/fact-tank/2017/10/06/a-closer-lo...
- tzakrajs 7y agoYou make it seem like corporate tax rates have nothing to do with the earnings of the wealthiest families.
- CWuestefeld 7y agoYup. Set aside the fact that our baseline corporate income tax rates are some of the highest in the world. The income of corporations doesn't go directly into the pockets of the shareholders. Rather, the shareholders are getting income from them either as dividends or as capital gains. Either way, that's accounted for in the income of those shareholders. So corporate profits are already built into the numbers I quoted above.
- tzakrajs 7y agoRight and long term capital gains are the lowest tax rate. Rich get their money from income sources with inherently low tax rates and then have holding corporations to own all of their shit so they don’t have to claim personal income. Poor people basically never do these things because it takes time, opportunity and/or and education they probably don’t have.