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0 pointsjorblumesea8y ago0 comments

The federal tax code is a highly unequal affair, and due to a system of complicated loopholes and itemized deductions, the wealthiest among us get the lions share of spending and deductions. While I agree that raising taxes by 500% on the rich is an absurd idea, it's really not asking much for the wealthy to pay their fair share.

These deductions and "welfare for the rich" basically amount to hundreds of billions in lost revenue.

This is well documented, NYT has a good run down: https://www.nytimes.com/2015/03/18/business/economy/taxes-ta...

If you're in the top 0.1%, the actual taxes you pay each year is a far lower percentage than the middle class would pay, due to this unequal system. The rich get richer, and use that money to rig the game further.

Just look at the current tax bill that was passed.

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harryh8y ago· 2 in thread

> If you're in the top 0.1%, the actual taxes you pay each year is a far lower percentage than the middle class would pay, due to this unequal system.

This is false. Paid tax rates rise progressively with income in the US.

https://taxfoundation.org/summary-latest-federal-income-tax-...

The NYTimes article that you link to doesn't really discuss tax benefits that are valuable to the top 0.1% so much as those that are valuable to the upper-middle class: the mortgage interest tax deduction, 529 plans, 401k/IRA deductions, various aspects of our health care law, etc are all extremely valuable to this group but small potatoes to those making $2M+ per year.

jorblumeseaOP8y ago

Paid tax rates rise, but the higher income classes don't make much of their money based on income tax. That's why it's unequal, their method of earning money is substantially different from the average person, and taxed differently.

harryh8y ago

This is also false. I don't know what evidence you think this is for this point of view but it just ain't so.

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