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No, just income tax, the only portion of the tax code that is nominally progressive. Payroll taxes are explicitly regressive, going away at an income of roughly
by wnissen 7y ago
No, just income tax, the only portion of the tax code that is nominally progressive. Payroll taxes are explicitly regressive, going away at an income of roughly the top 5%. Sales taxes are flat.
Even income taxes aren't as progressive as you would think, because a large fraction of upper-class wealth comes from dividends and capital gains, which are taxed at a rate below the income of a household earning $78,951 year! The biggest tax deductions are for homeowners (including second homes) and retirement savings, which overwhelmingly go to the wealthy. The idea that the wealthy pay a high tax rate is absurd if you look at the whole picture.
https://smartasset.com/taxes/dividend-tax-rate https://smartasset.com/taxes/dividend-tax-rate