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The tax code is based on "income" not wealth. This means that the tax code kills, makes it more difficult for the up and coming. The wealthy are already rich. If you are an up and coming today, you're screwed.
We are not taxed only on the income we keep.
Pay me $1000......I invest $900.....I pay tax on $100.
In your example investing
That $1000 is wealth. $900 of the wealth is invested and produced an income of $100. Which is taxed? The $1000 in wealth or the $100 income?
The rich already have wealth which they invest to produce more wealth. The middle class is still trying to build their wealth. They are working to produce an income of say, $1000.00 which is taxed. After taxes they have $850.00 left.
The same people each starting with $1000 different ability to invest.
But at the same time, touting our effective corporate tax rate as being low doesn't magically make our corporate tax structure business friendly. The well connected might have a low effective rate...
France has one of the highest tax rates in the world. It has not prevented about 1000 U.S. corporations from maintaining operations in France and employing 1 million +/- French people.
That $1000 is wealth. $900 of the wealth is invested and produced an income of $100. Which is taxed? The $1000 in wealth or the $100 income?
The rich already have wealth which they invest to produce more wealth. The middle class is still trying to build their wealth. They are working to produce an income of say, $1000.00 which is taxed. After taxes they have $850.00 left.
The same people each starting with $1000 different ability to invest.
Wealth is taxed. The most common are property taxes and car taxes.
Wealth is taxed. The most common are property taxes and car taxes.
Yes I can be a multimillionaire and own and live in a dive and pay low property taxes and drive a clunker. This (wealthy) multimillionaire pays the same property tax as the poor neighbor. I know someone who fits this description. You might too but don't know it. They wrote a book about it called the "millionaire next door".
And we are discussing "income" tax.
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