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this post was submitted on 20 Aug 2024
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Back when there were numerous loopholes, deductions, and methods of evasion and nearly none paid that rate? And when they later lowered effective rates, closed loopholes, and ended up collecting more?
Yeah, let's do that. Let's incentive finding ways to avoid paying taxes.
This is exactly how you give incentives to higher CEO pay. Record profits? Give all of it to the CEO and you'll pay none of it to the government. You didn't mention a higher personal tax rate, so end of the day the CEO wins.
Own an S-Corp? Pass through all profits to yourself and pay 0%.
Corporations still find loopholes and pay nearly no taxes… If corporations and Billionaires paid their taxes just like common folks, the country would make a lot more in taxes.
F
I'm with you if we also include penalties for avoiding taxes. Carrot and stick.
The top 1% have approximately 1/3 to 1/4 of the total wealth of the country. So this tax rate sounds fair. Probably should pay a little more to account for the progressive nature of taxes.
Personally, I'd like to see more inheritance taxes. We shouldn't have a class of nobility.
Also lift the cap on social security taxes.
That's a good point. Perhaps I should say "much more" instead of "a little bit more"