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Then add in a tax system which aggressively taxes labor while leaving capital and inheritance untaxed, if we stopped taxing labor that might be enough to pull a
by shams93 6y ago
Then add in a tax system which aggressively taxes labor while leaving capital and inheritance untaxed, if we stopped taxing labor that might be enough to pull a whole chunk of labor out of poverty, just having work is no escape from poverty in a world of high rent and high income tax.
- jayski 6y agoThere is some truth to what you're saying, but also inheritance is massively taxed in most developed countries, especially in the US.
- ModernMech 6y agoEstates are taxed at 0% up to $11 million dollars in the US. Moreover, that upper bound is indexed to inflation, unlike the minimum wage. I wonder why that is...
- jayski 6y agothis is true, and 11 million dollars is a LOT of money. Id retire tomorrow if I had that kind of money. But inheritance tax is 40% above that.