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US tax system is the most progressive in the OECD [1] US top tiny amount of incomes pay vastly more, even per dollar earned, than in any other first world coun
by SideQuark 1y ago
US tax system is the most progressive in the OECD [1]
US top tiny amount of incomes pay vastly more, even per dollar earned, than in any other first world country, where middle and lower class pay a much larger share.
Around the bottom 50% of US taxpayers pay zero federal income tax, and after post tax transfers (aid, etc...) the lowest decent sized chunk get money back, i.e., negative federal income tax.
Then, after already covering the vast majority of US tax burden, the really wealthy end up paying another large chunk in estate taxes (and no, there isn't magic sauce where they all hide all assets in foreign lands - you can simply go over public IRS data, or CBO data and see).
Here's historical effective rates by quintile. Bottom two were 9.3% and 15.0%, top 27.1% in 1979, in 2019 they were 0.6%, 8.9%, 19.3% top 1% remains over 30%. https://taxpolicycenter.org/statistics/historical-average-federal-tax-rates-all-households https://taxpolicycenter.org/statistics/historical-average-fe...
How much more progressive is enough?
https://www.cbpp.org/research/what-do-oecd-data-really-show-about-us-taxes-and-reducing-inequality https://www.cbpp.org/research/what-do-oecd-data-really-show-...
- thefz 1y ago> US tax system is the most progressive in the OECD [1] Except that being paid in shares is not really calculated as a pay and top levels borrow money from banks with shares as a collateral so basically they pay zero taxes on their income. Even kids know that.
- SideQuark 1y agoI guess kids don't know how to read or the Internet then. Simply google "do ceos pay taxes on shares" and you'll see plenty of places making it clear they do. Part of my income at several places has been in shares, and they're always taxed. Borrowing against assets isn't taxed for anyone, as it's not income, whether it's a common homeowner getting a mortgage, a person spending on a credit card, or any other loan. Zero of this affects the facts I linked. And your claims are demonstrably wrong. Even kids know that.