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- cross-posted to:
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For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans.
For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans.
Under your simplified system a person making 55k brings in less than someone making 49k. Which disincentives getting a raise at that salary range. There is a reason that currently we only tax money over the brackets set.
Progressive taxation isn’t really the problem here though, our low tax on investment profit is. We should also probably enforce a 2% wealth tax on anyone making over a billion dollars.