> Middle class salary workers pay a lot of tax
No they don't. If we're talking about federal income tax, the vast majority of is paid by the wealthy.
No they don't. If we're talking about federal income tax, the vast majority of is paid by the wealthy.
Yes, the top 20% pay the vast majority of taxes and are taxed at the highest rate until you get into the ownership classes where income goes down and capital gains goes up. Plus that’s when all the tax deferral strategies come into play.
And yes, by all reasonable definitions if you are in the top 20% either income or wealth you are categorically wealthy.
The tax was used to rile up the mobs by merchants/smugglers, because the monopoly tea was actually cheaper than what they could ship from Holland.
When all is accounted for ... The rich still pay a far larger share than the income they earn. It's why OECD rates the US as the most progressive tax system among member nations.
There is no effective taxation when avoidance is easy and risk-free.
It’s the same no matter if you want to use effective vs nominal. The numbers change, but relatively speaking they are roughly the same.