Posted on Dec 15, 2021
The Federal Income Tax Is Already Very Progressive | National Review
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An excellent summary of federal income tax distribution. These facts rarely make the mainstream media talking points.
The Federal Income Tax Is Already Very Progressive | National Review
Posted from nationalreview.com
Progression
Fairness
Equality
Posted >1 y ago
Responses: 3
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Issue is that income tax may be progressive, but utlra-rich avoid it with a loan trick. Borrowing money despite already being worth billions lets them not count loan money as income while also not having to sell appreciated stock.
https://www.businessinsider.com/american-billionaires-tax-avoidance-income-wealth-borrow-money-propublica-2021-6
https://www.businessinsider.com/american-billionaires-tax-avoidance-income-wealth-borrow-money-propublica-2021-6
The wealthiest Americans avoided billions in taxes by voluntarily doing something most only do...
Income taxes: 37%. Capital gains: 20%. ProPublica found billionaires avoid those by borrowing from banks at interest rates of less than 10%.
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Col Joseph Lenertz
Yes, agree with your point that the ultra-rich are taking advantage of loopholes within the tax code. Solution to that is to change the tax code to remove those loopholes. Why does Congress not address this?
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Really??????? My sons hate the new LACK OF DEDUCTUONS. I know the 1% billionaire and golf course owners love it however. Thanks there GOP. Your love for the rich knows no bounds.
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Col Joseph Lenertz
Seven question marks? You seem overwrought. It's just facts about the tax code. No need to get an aneurism.
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All I know is that we are all over taxed, the govt. needs to take a class on fiscal responsibility.
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