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It would also make it politically untenable to get rid of tariffs and reinstate income tax.
by Workaccount2 2y ago
It would also make it politically untenable to get rid of tariffs and reinstate income tax.
- yurishimo 2y agoYea, this is the thing. Can you imagine transitioning over to a 0 income tax situation and then adding all of that infrastructure back? You know DOGE is going to nuke the servers that do it and rm -rf the repositories so if it's ever returned to law, everything will need to be done from scratch (likely making it untenable). If you're an IT professional in the US Government, I would argue you have an obligation as a concerned citizen to make some local backups of the code powering the systems you work on every day and keep them somewhere safe...
- tzs 2y agoOr it would make it politically quite tenable to get rid of tariffs and greatly raise income taxes on people making over $150k.
- SoftTalker 2y agoThey already do pay the vast majority of income taxes.
- sorcerer-mar 2y agoThe main takeaway from this fact being astonishment at just how much the top 1% really earns!
- tzs 2y agoTrue, they pay around 75-80% of income taxes. I suppose the good news for them then is that if tariffs fail to replace the 20-25% of income tax that would be lost by eliminating income tax on people making under $150k and it has to come from raising taxes on the folks making over $150k it would only be a 25-33% tax increase on them.
- int_19h 2y agoIt's a good start, now let's raise capital gains taxes to where they rightly out to be (i.e. more than sweat-of-the-brow income, not less).
- Sohcahtoa82 2y agoThat's because they make the vast majority of the income. People really don't comprehend how much money the top 0.01% makes.