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It used to be true, but now you are taxed out of success, and any other gains you save will simply evaporate with unchecked inflation and money printing by Cong
by exabrial 1y ago
It used to be true, but now you are taxed out of success, and any other gains you save will simply evaporate with unchecked inflation and money printing by Congress. There needs to be a "Hard Stop" on inflation: The federal government's checks bounce if there is no money in the account.
... and somehow, there has been a successful miseducation campaign on the internet that "corporations raising prices causes inflation" which highlights how many people do not understand how fiat currency even works. (Even on HN, you'll see responses like this).
- nluken 1y ago> now you are taxed out of success Separate from your inflation argument, aren't income tax levels lower than they used to be, even during the Reagan administration?
- dec0dedab0de 1y agoI think the comment you're replying to is referring to inflation as a tax.
- downrightmike 1y agoLower income taxes, yes, and near zero benefits for paying those taxes. Had they not lowered, things wouldn't be this bad.
- Jotra7 1y ago[flagged]
- tripletpeaks 1y agoThe current situation is largely their fault. It was Chicago school jackasses who neutered antitrust enforcement in the '70s, which is why everything's now dominated by a very small number of mega-conglomerates.