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You can't tax your way to wealth. Taxing the rich more won't make the quality of life of the average person better. The rich already pay the OVERWHELMING maj
by memefrog 3y ago
You can't tax your way to wealth. Taxing the rich more won't make the quality of life of the average person better. The rich already pay the OVERWHELMING majority of tax.
- speedgoose 3y agoThe rich wouldn’t be rich without poorer people. Also I’m a bit dubious about your statement, it goes against what I can quickly search for but I would gladly be proven wrong.
- memefrog 3y ago"High-Income Taxpayers Paid the Majority of Federal Income Taxes. In 2020, the bottom half of taxpayers earned 10.2 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 22.2 percent of total AGI and paid 42.3 percent of all federal income taxes." https://taxfoundation.org/data/all/federal/summary-latest-federal-income-tax-data-2023-update/ https://taxfoundation.org/data/all/federal/summary-latest-fe... In New Zealand, about 12% of individuals pay about 50% of personal income tax, and the top 3% pay about a quarter. That doesn't take into account the amount they are taxed indirectly through GST or through company tax on companies they own shares in.
- speedgoose 3y agoBut income tax is not all taxes at all.
- memefrog 3y agoIncome tax is by far the largest and most significant tax, and I gave examples of other taxes in which the rich pay far more. Do you really think the poor pay the most company tax?
- speedgoose 3y agoAlright. I’m not very aware of the taxes in USA. In France VAT and company taxes are more important. Rich people don’t pay company taxes either. Companies pay companies taxes.
- memefrog 3y ago[dead]