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I make $60k a year and I'm not married, and I'll just take the standard deduction. I will have an 8.7% federal tax burden for the 2024 year. If you inflation-a
by missedthecue 2y ago
I make $60k a year and I'm not married, and I'll just take the standard deduction. I will have an 8.7% federal tax burden for the 2024 year.
If you inflation-adjust my income backwards to 1990 so it's apples to apples, and then estimate my federal tax burden using the same scenario, it's approaching double. About 15%. Americans, despite all the moaning (from which I'm not immune) are undertaxed by just about every standard. If Americans were taxed at 1990 standards, based on my quick estimation, we'd close the deficit almost completely, or even produce a surplus.
As you can imagine, "I'll double your taxes" is not a winning campaign promise.
- drivebyhooting 2y agoInteresting. So tax the poor too?
- missedthecue 2y agoWhen you look at Europe, they raise most of their taxes from the lower to middle classes, i.e. people like me. Through both higher income taxes and then a 20% VAT on most purchases you make with your post-tax earnings. Here is an interesting paper (pdf warning) which on page 49 shows a very good visual of just how progressive the US tax system is compared to both Eastern and Western Europe. In Europe, the tax burden is much more evenly distributed across incomes. https://wid.world/document/why-is-europe-more-equal-than-the-united-states-world-inequality-lab-wp-2020-19/ https://wid.world/document/why-is-europe-more-equal-than-the... If you'd like to not bother with the the pdf, here's the image directly. https://pbs.twimg.com/media/FD_3ONtXoBMZUGs.png https://pbs.twimg.com/media/FD_3ONtXoBMZUGs.png
- xnx 2y agoUltra tax the ultra rich.