News for hackers. Stuff that matters.

A comment on 61% of Americans paid no income taxes in 2020. Parent comment

Re:61% of Americans paid no income taxes in 2020 by pxue on Thursday August 19, 2021 @10:58AM (#28234661)
Is that 100% true though?

Some estimate maybe only 10% of Chinese individuals pay tax. Individual taxes account only about 8% of China's tax revenues.

Bulk of the tax burden comes from consumption and business.

I'm all for that. If I make a million dollars but I live frugally and invest my money, why should I pay 50%?

Sure the argument for individual taxes are about social wellness but how do you justify that when businesses are avoiding billions of tax legally.

Make no sense.

[ Parent | on HN ]
Re:61% of Americans paid no income taxes in 2020 by HPsquared on Thursday August 19, 2021 @11:08AM (#28234804)
That's fair enough, I was more referring to overall taxation in the economy creating a stable demand for the currency, it doesn't have to be levied on personal income specifically.
[ Parent | on HN ]
Re:61% of Americans paid no income taxes in 2020 by arbitrary_name on Thursday August 19, 2021 @11:09AM (#28234814)
Because you likely made a million dollars using the benefits of the government. I.e. you had an educated workforce who drove on government roads to get to the factory, you were able to protect your ideas via copyright with the threat of government enforcement, etc.

Nobody gets rich by themselves unless they are a pirate.

[ Parent | on HN ]
Re:61% of Americans paid no income taxes in 2020 by adolph on Thursday August 19, 2021 @11:22AM (#28235014)
> Nobody gets rich by themselves unless they are a pirate.

Is your claim that pirates generate economic value even in the absence of other people?

Or is it a claim that pirates lived in anarchical democratic communities whose thriving in the absence of government exemplifies Taleb's idea of anti-fragile?

[ Parent | on HN ]
Re:61% of Americans paid no income taxes in 2020 by sershe on Friday August 20, 2021 @04:18AM (#28243846)
Sure, how about they can send me a bill for my share of roads and educated workforce (granted, this could be provided much cheaper via selective immigration while the US still has the leverage of being attractive to immigrants)? I'd like to not pay my share of e.g. invading far-away countries, or supporting those not paying taxes, or many other such things.
[ Parent | on HN ]