Interesting thing about the Progressive tax system? Despite its good intentions (ha!), it screws Middle Class folks the most: we pay abut 60% of all income tax receipts, although its spread out among more of us. Doesnt make it any less painful, though, given how little actual wealth we hold. The top 1% do pay 40%, but what they end up declaring as income is pretty laughable-they (wisely) live off of carried interest or capital gains, both taxed at a much lower rate. The other winners? The army of lawyers, advisers, and tax accountants whose industry revolves around exploiting the tax code. The poor also pay negative income tax (i.e they get paid), but probably arent winners in an absolute sense. Ralph Nader did a great job advocating against these kinds of abusive practices in the private sector, but why has no government version of him ever emerged?
Posted on: Wed, 02 Apr 2014 01:25:41 +0000
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