Re:US Administration announces 34% tariffs on China – 20% on EU
by tim333 on Thursday April 03, 2025 @12:17PM
(#43571916)
The working class have property and stocks too and don't want them taxed stupidly.
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Re:US Administration announces 34% tariffs on China – 20% on EU
by SteveNuts on Thursday April 03, 2025 @12:29PM
(#43572091)
That's the entire reason why income tax is progressive, and there's no reason that couldn't be applied to any other implemented tax including capital gains.
Re:US Administration announces 34% tariffs on China – 20% on EU
by arbitrary_name on Thursday April 03, 2025 @12:37PM
(#43572202)
Yes, but far less. We can have tax free thresholds, you know. Like the capital gains exemption for sale if a house.
Any working class person against higher and broader capital gains taxes is not thinking very deeply, in my opinion.
Re:US Administration announces 34% tariffs on China – 20% on EU
by Domenic_S on Thursday April 03, 2025 @12:46PM
(#43572329)
Hard disagree. Compared to the OECD average, we collect almost double in personal tax revenue as a proportion of total tax revenue. What's more, historically personal tax revenue as a % of GDP stays roughly the same - regardless of active tax rates.
Where we fall dreadfully short compared to other countries is corporate tax revenue. In 2021, corporate income tax revenue in the U.S. was 1.6% of GDP, compared to the OECD average of 3.2%
Re:US Administration announces 34% tariffs on China – 20% on EU
by colordrops on Thursday April 03, 2025 @03:28PM
(#43574269)
It's messed up from first principles - hard work should be valued as a society over investment gains, and reflected at the individual level in take home income. Obtuse measures and comparative aggregates are irrelevant.
Re:US Administration announces 34% tariffs on China – 20% on EU
by Domenic_S on Thursday April 03, 2025 @07:12PM
(#43576587)
“Should be” is doing a lot of heavy lifting there - I have heard reasonable arguments either way - but it misses the point: whether the personal tax rate was all-time high or an all-time low, personal tax revenue stays roughly the same historically. In other words it’s a trap - raising the rate might make you feel better, but if history is any indicator it won’t change anything for everyday citizens.