For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans.
this post was submitted on 03 May 2024
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This is super simple. In 2022 the US federal government brought in $2.18 Trillion in revenue from federal income tax. Roughly %66 percent of Americans make over $50,000 and the median income of that group of people is around $60,000 a year. If it was made illegal to be compensated by anything other than USD (paid with stocks, etc. and those loopholes). $0-$50,000 is not taxed. If you make over $50,000 you pay a flat %17 income tax period. That would bring in roughly $2.24 Trillion in federal income tax revenue. No loop holes, no deductions, just %17 off the top. Then you can disband the IRS which costs $16 Billion a year to run. Don't need the IRS if everyone pays the same. That would be totally fair. You make $60,000 a year you pay $10,200 a year, you make $1 Billion a year $170,000,000 a year.
Under your simplified system a person making 55k brings in less than someone making 49k. Which disincentives getting a raise at that salary range. There is a reason that currently we only tax money over the brackets set.
Progressive taxation isn't really the problem here though, our low tax on investment profit is. We should also probably enforce a 2% wealth tax on anyone making over a billion dollars.