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by greenbush
1154 days ago
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Your statements about "percentage of income taxes" are misleading. Two points: 1. Your 3% and 39% actually reflect how much more absolute income the rich generate compared to others. For example, if a rich person has $10 million in income and someone from the bottom 50% person has $100k in income, even a 15% income tax (for example) is $1.5 million and $15k respectively. Given our massive wealth inequality, your 39% income tax number tells us that the top 1% are capturing a massive chunk of the total income generated in the US. A quick quote from a 2021 Forbes article: "billionaires collectively hold two-thirds more wealth than the bottom 50 percent of all households in the United States, according to an analysis by the Institute for Policy Studies." - more wealth generates more absolute income. 2. By focusing solely on income tax, you're ignoring Total Taxes, which for example include sales tax. Low-income Americans face higher payroll tax rates than rich Americans. There are also many more tax-reducing benefits for the poor in our tax code, for example, Long-term capital gains and qualified dividends overwhelmingly accrue to the rich. |
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