(12-20-2024, 12:06 PM)The Real Marty Wrote:

(12-20-2024, 11:36 AM)mikesez Wrote: You should have led with that. 
He's right by the way. 
Middle class people pay a higher percentage of their income to taxes than wealthy people do. A newly high income person like a football player will pay a much higher percentage of their income in taxes, but when somebody has been wealthy for a while, they usually figure out accounting tricks that allow them to greatly reduce their taxable income

Can you show me how that is true?  Are you using unrealized capital gains when you make that statement?  And what accounting tricks do rich people use to greatly reduce their taxable income?

Economics 101.

Wealth can be taxed, and there's plenty of good reasons to.

Quote:Also, the top 10% does not have 95% of the wealth.

They own 70% of the wealth, and 93% of the stocks.

---

(12-20-2024, 12:41 PM)mikesez Wrote:

(12-20-2024, 12:24 PM)Jag149 Wrote: Can you show us the math or cite the sections?  Is this real or opinion? Actually interested.

A couple decades ago, Warren Buffett wrote an op-ed on how his secretary pays a higher percentage of her income in taxes than him. 
Most of the tricks Buffett described are still on the tax code today.

Marty has fallen for some basic mistakes.

Inequality is at record levels and increasing every year for decades. The rich have had $50 trillion more redistributed to them by Republican policies. 

Three people have more wealth than half the country. Elon Musk has seen an increase in his wealth of $170 billion more just since the election. He was worth $74 billion around 2012, over $400 billion today. Oligarchy if the country's #1 problem IMO. Taxes? I'll pay 100% of your taxes if you give me your income.

---