Yes, the rich fucking love no-income-tax schemes. Because that’s always followed by more-sales-tax-to-replace-lost-revenue schemes, which is demonstrably proven to move the tax burden from the obscenely wealthy to the other end of the economic spectrum.
Our $800 billion war machine isn’t going to stop just because 80% of Americans don’t pay taxes anymore.
Look at the distribution of income tax paid within that 1%. It catches the professionals getting salaries and commissions that exceed $400k/yr (that’s the approximate breakpoint for 99th percentile), but towards the high end of that 1%, most income is of non-salary origin (options and capital gains).
Yes, the rich fucking love no-income-tax schemes. Because that’s always followed by more-sales-tax-to-replace-lost-revenue schemes, which is demonstrably proven to move the tax burden from the obscenely wealthy to the other end of the economic spectrum.
Our $800 billion war machine isn’t going to stop just because 80% of Americans don’t pay taxes anymore.
You realize the rich would still be paying income taxes, as they make more than $150k… and they would be paying those sales taxes too.
The rich don’t pay income taxes already.
The top 1% pay 40% of all federal income taxes.
Look at the distribution of income tax paid within that 1%. It catches the professionals getting salaries and commissions that exceed $400k/yr (that’s the approximate breakpoint for 99th percentile), but towards the high end of that 1%, most income is of non-salary origin (options and capital gains).