Re:Once poor, always poor?
by throwaway2037 on Thursday December 30, 2021 @12:37PM
(#29738893)
I have noticed a pattern: People like to complain about their "marginal tax rate", but rarely share their "effective tax rate". What is your effective tax rate? Unless you are a multi-multi-millionaire or billionaire, only a tiny fraction of your income will be taxed at the maximum marginal tax rate.
My view: If you really believe in reducing income inequality, there is no shortcut. You need to pay. How else can we fix this issue? Beg private corporations to give huge pay rises to medium- and low-skill people? (Don't wait for it!) We need a tax code that forces the 10%/5%/1%/0.1%/0.01%/etc. to pay geometrically increasing effective tax rates. I have never seen an alternative solution that will actually work. Yes, it is painful, but what kind of society and world do we want to create?
My view: If you really believe in reducing income inequality, there is no shortcut. You need to pay. How else can we fix this issue? Beg private corporations to give huge pay rises to medium- and low-skill people? (Don't wait for it!) We need a tax code that forces the 10%/5%/1%/0.1%/0.01%/etc. to pay geometrically increasing effective tax rates. I have never seen an alternative solution that will actually work. Yes, it is painful, but what kind of society and world do we want to create?