Re:Billionaires Build
by kortilla on Saturday December 05, 2020 @01:34AM
(#25312344)
> However he does pay less taxes than his secretary.
No, he absolutely does not. He pays a lower effective tax rate but vastly more in actual money than his secretary. His effective rate is 17 something percent because the capital gains tax rate is 15%, not because he’s rich. https://www.fool.com/taxes/2020/09/25/why-does-billionaire-w...
We could certainly increase cap gains rate to regular income, but that would fuck a huge portion of the middle class depending on gains in 401ks for retirement.
No, he absolutely does not. He pays a lower effective tax rate but vastly more in actual money than his secretary. His effective rate is 17 something percent because the capital gains tax rate is 15%, not because he’s rich. https://www.fool.com/taxes/2020/09/25/why-does-billionaire-w...
We could certainly increase cap gains rate to regular income, but that would fuck a huge portion of the middle class depending on gains in 401ks for retirement.