Re:San Francisco voters approve taxes on highly paid CEOs, b...
by dheera on Thursday November 05, 2020 @07:09PM
(#25003516)
Let's also not forget that many wealthy people only pay at most 15% on taxes because the tax structure has more or less been lobbied by the wealthy in favor of the wealthy. Most middle class people pay 25-35%, and have neither time nor resources to lobby otherwise.
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Re:San Francisco voters approve taxes on highly paid CEOs, b...
by jelliclesfarm on Thursday November 05, 2020 @08:00PM
(#25003818)
15% on a million net is more than taxes from middle class wage which actually goes towards negative tax if one takes the benefits of a living in an incorporated city and if there are children using public schools etc.
Money taxed from capital gains isn’t really the same as taxes levied on wages. This is very fundamental tax logic. Would you like me to explain why?
[..] The justification for a lower tax rate on capital gains relative to ordinary income is threefold: it is not indexed for inflation, it is a double tax, and it encourages present consumption over future consumption. ... Finally, a capital gains tax, like nearly all of the federal tax code, is a tax on future consumption.[..]