4 ms·
Right, it's mostly because of the large skew in incomes, and I agree that that's not a great situation. It's kind of why I scoff when people say that you can't
by ericd 2y ago
Right, it's mostly because of the large skew in incomes, and I agree that that's not a great situation. It's kind of why I scoff when people say that you can't get Americans to do farm labor for any price. I'm pretty sure you can, just not while maintaining the huge purchasing power that white collar workers have gotten for themselves, and they really don't seem to like thinking about that scenario, preferring to just pretend that it's impossible.
But yeah, specialist doctors and white shoe lawyers can pull down 10-20x that median, so they're paying a lot of income tax. The standard deduction really dings the effective tax rate of that median earner, not so much for the doctor.