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>rich people effectively pay less tax than the middle class That’s just not true. The top 1% of earners pay close to half of all income tax.
by NotYourLawyer 3y ago
>rich people effectively pay less tax than the middle class
That’s just not true. The top 1% of earners pay close to half of all income tax.
- IntelMiner 3y agoWhich has been proven time and time again to be extremely disingenuous. Furthermore, how do you account for the ones who don't "earn an income" and simply live off bank loans until they die? https://www.businessinsider.com/american-billionaires-tax-avoidance-income-wealth-borrow-money-propublica-2021-6 https://www.businessinsider.com/american-billionaires-tax-av...
- jonhohle 3y agoAnything having to do with revenues or budgets typically will not identify the way comparison operators are being used. Rick people typically pay a lower effective tax rate than middle class, because, as many have noted, increases to wealth come from capital gains, illiquid appreciation, and less from income. Middle class has nearly 100% of any increase come from taxable income. The total dollar amount paid by high earners is definitely higher, but as a percent of total income, it should be lower (if you’re doing it right). As I’m sure many here know, as more wealth is accumulated, it becomes easier to accumulate wealth in ways middle income and lower just can’t access. Whether that’s through tax advantages accounts, tax structures, or even just capital gains growing faster than incomes. It’s also easier to get lower interest rates, fees, purchase at prices approaching wholesale, etc.
- Galaxeblaffer 3y agolet that sink in for a moment.. even with all the legal tax evasion schemes the top 1% is still paying half of all income taxes with the measly amounts they actually register as income. the system is simply broken