This has been the standard since the progressive tax code came out in the 1950s. People like to speak of the 90% tax rates, but the effective tax rate is nearly the same now as it was then.
Folks should also ask how can a person who has been a public servent his entire life (Biden) is able to pay $100K in federal taxes.
One has to ask, how?
Unless the tax code specifically states it is illegal it is legal. To some it may not be moral, but to other the active taking of money under the threat of felonious charges, is the equivalent of a "forced consent" in intimate relationships.
This is ALL LEGAL.
If you are angry, you should be. GE, Amazon, and Apple are prime abusers of this. If you carry an iPhone you are an enabler of this, if you use Amazon ditto.
E.g. GE was lauded as the best company ever, then the 2008 crash came and then we realized that GE paid $0 in taxes and used financial engineering to keep their business afloat for decades. Once the tax benefits evaporated and they disbanded their financial arm, guess what happened to GE?
They are slowly approaching bankruptcy. So Jack Welsh and his blessed religious Six Sigma? Joke.
Folks will complain about the $750 taxes of Trump.
Remember this.
1/2 of America doesn't even file taxes (165 million)
1/2 of America that files pays a negative to 3% effective tax rate (65-75 million) **
The top 10% (15-16 million) pay 70% of all taxes and hold 70% of the wealth
This leaves 50 million people paying 30% of the workload.
Rule of Thumb: If you aren't paying $14K in federal taxes per year (Social Security/Medicare doesn't count), then you are a taker in society and not a giver.
You are accountable to the point you do pay taxes like Donald Trump, but don't truly cover your share.
**. 3% means that the social security paid in is given back to the person so their retirement really isn't funded. This is a reason why Social Security is going broke.
Folks can be mad at Trump and they have no qualms from me, but IMO you can only be truly mad if you pay $14K or $10K in federal taxes every year and max out social security. Since that means folks sit in the same boat as him.
Usual replies will include but I pay state and local ... well that is great, but that doesn't take care of the federal bill since every vote is equal-ish, everyone in theory should pay, but don't
My solution to this mess is a Flat Tax + VAT and no deductions. UBI is used to protect the poor.
The problem is ... everyone benefits from the rights in our consitution, but not everyone is accountable for the taxes required to run the republic.
