Everybody is arguing about tax RATES. That covers about 3 pages. The other 74,997 define taxable income.
#54 | POSTED BY DANFORTH
That is much of the heart of my debate. Those 74,997 pages are what the uber-wealthy are exploiting in order to effectively pay less than 3.4% income tax, a number I got from the Forbes article I posted in 18. Using the sources I posted in 12, total tax revenue as a percentage of total income was 8.12% in 2020. I looked up and calculated a few other years BT (Before Trump) and got 9.33% in 2010, 8.07% in 2012, and 9.41% in 2015.
And yes, that's only personal income tax. I didn't pull up payroll taxes and corporate income taxes. Looking up total Federal Revenues from the same years I got 2010-2.17T, 2012-2.63T, 2015-3.18T, 2020-3.42T. 2020 was a down year due to COVID, 2019 total Federal Revenues were 3.5T. According to this source www.taxpolicycenter.org Federal Revenue has averaged about 17.4% of GDP over the last 50 years.
And don't even get me going on local property taxes. I'm still fuming from this spring's reassessment.
But back to my point, and the point of the thread article, whether it's a flat rate, eliminating capital gains, or any of a myriad of other options, how do we get the uber-wealthy up to the percentage the rest of us are paying?