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Disproportionate can have different meanings. I think that the rich pay most of the income/wealth tax [0], but that’s because that’s where the income/wealth is.
by prepend 3y ago
Disproportionate can have different meanings. I think that the rich pay most of the income/wealth tax [0], but that’s because that’s where the income/wealth is.
It’s disproportionate by number of persons, but arguably proportionate by income.
[0] in 2020, US, top 1% paid 42% of income tax https://thehill.com/opinion/finance/3894233-how-america-actually-taxes-the-affluent/ https://thehill.com/opinion/finance/3894233-how-america-actu...
- sokoloff 3y ago> arguably proportionate by income. That source demonstrates that it’s definitely not proportionate by income. > the top 1 percent paid 42.3 percent of the total federal income tax in 2020 while receiving 22.2 percent of total adjusted gross income We have a progressive taxation system on income (for good reason), which causes the high-income to pay far more than their proportional share of income. Some will argue that they should be paying an even more disproportionate amount, which is fine and we can have that discussion, but it is an absolutely truthful claim that they are already paying a higher than proportionate share now.
- lostmsu 3y agoCapital gains tax in US is capped at just under 25%. Regular income tax goes higher.
- dantheman 3y agoCapital gains is on invested capital, that capital can be lost. Also gains have already been taxed by corporate taxes, etc.
- looping__lui 3y agoKeep in mind that marginal tax rate is not equal to effective tax rate. Also keep in mind that companies also pay tax on profit - which means that dividends get taxed at company level only to get taxed again at personal level.
- deleted 3y ago[deleted]