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I would bet you most of those people are paying a lower tax rate than I am, as they're smart enough (and have the means) to shift most of their earnings to capi
by birdmanjeremy 7y ago
I would bet you most of those people are paying a lower tax rate than I am, as they're smart enough (and have the means) to shift most of their earnings to capital gains and take advantage of other tax avoidance strategies.
- paulsutter 7y ago"Those people" are usually folks with a onetime windfall. For example a startup employee with options not stock. And I don't see what bearing that has on the top rate.
- birdmanjeremy 7y agoMost people who's earnings are over $1mm a year are spending significant time & resources planning their tax strategy and are not paying 50% effective tax rates. Source: Trump's tax returns. Actual source: https://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html https://www.nytimes.com/2011/08/15/opinion/stop-coddling-the...
- shadowprofile77 7y agoStop coddling the rich? The top 20% of earners in the U.S pay a total of 87% of all tax revenue for the government, and their return from that in terms of value of government services relative to taxes paid is much smaller than it is for those in lower brackets. There are many wealthy people who use numerous legal (and in some cases illegal) means to avoid "their fair share" but overall, the numbers show that they pay far more than what most people would call fair in any other context. One source (there are many others with like 20 seconds of google searching): https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001 https://www.wsj.com/articles/top-20-of-americans-will-pay-87...