The only problem with progressive tax that there isn’t a tax base for the Uber wealthy those that make over $100 million dollars a year, those that don’t actually pay anything it’s up to us the regular people the citizens that pay almost a half in taxes
You may want to edit your post title (you can do that in Lemmy) to “tax.”
Thank you, much appreciated
But… the title hasn’t been edited still, haha.
In theory, they should pay the maximum rate, 37% for individual single taxpayers with incomes greater than $626,350 ($751,600 for married couples filing jointly).
So, for someone like Bezos, with an annual income of $1.6 million, he would pay 37% on everything above 751,600… so $313,908.
BUT - most of his money isn’t salary, it’s stock, and that has it’s own capital gain tax.
HOWEVER - none of this actually matters, because the ultra, ultra wealthy have an entire system that ensures they pay nothing.
Great books on the topic, I wish more people would read them, you average red-hatters have no idea how their future is being stolen from them. The average Republicans making $500K to a couple million, have no clue that they are seen as chumps just as much as anyone else.
https://www.penguinrandomhouse.com/books/291700/perfectly-legal-by-david-cay-johnston/
https://www.penguinrandomhouse.com/books/300246/free-lunch-by-david-cay-johnston/9781591842484/
https://www.penguinrandomhouse.com/books/305192/the-fine-print-by-david-cay-johnston/9781591846536/
Tax unrealized gains.
