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Or it would make it politically quite tenable to get rid of tariffs and greatly raise income taxes on people making over $150k.

• SoftTalker 2y ago
  They already do pay the vast majority of income taxes.
  • sorcerer-mar 2y ago
    The main takeaway from this fact being astonishment at just how much the top 1% really earns!
  • tzs 2y ago
    True, 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 ago
    It'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 ago
    That's because they make the vast majority of the income. People really don't comprehend how much money the top 0.01% makes.