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Federal income tax is what matters. So yes, everyone pays some sales tax, some property tax, FICA, etc. But what matters is income tax (for individuals).
by czbond 6y ago
Federal income tax is what matters. So yes, everyone pays some sales tax, some property tax, FICA, etc.
But what matters is income tax (for individuals).
- Jtsummers 6y agoIt is not the only one that matters, though it does make up (looked up, link at bottom) about 50% of federal tax revenue. Payroll taxes make up another 36%. Everyone who works and is paid aboveboard pays federal payroll taxes. It's only those whose AGI falls below whatever the present threshold is, or who are not paid aboveboard, who don't pay federal income taxes. If wages were keeping up better with inflation, we'd probably see a lot more people paying federal income taxes. https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government https://www.taxpolicycenter.org/briefing-book/what-are-sourc...
- czbond 6y agoI don't disagree. I was slyly trying to suggest we already have a wealth tax, called 'federal income tax'.
- dcre 6y agoWhy?
- deleted 6y ago[deleted]
- X6S1x6Okd1st 6y agoIncome tax appears to be half of the federal taxes that are taken in. Payroll is the other major one. https://www.cbpp.org/research/federal-tax/policy-basics-where-do-federal-tax-revenues-come-from https://www.cbpp.org/research/federal-tax/policy-basics-wher...
- unethical_ban 6y agoYou don't defend your argument, you just state it.
- czbond 6y agoAstute. As an engineer, I've found there are two types of 'engineering minds'. Literalists, which cannot get too far past the scope fo the statement. They tend to dissect and add detail; and Expanders, who take it far beyond the original meaning. They tend to "yes, and" a solution (in the improv comedy stance) and expand it in different directions - but are remiss with detail. And good discussions happen with both insights.