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Posted

fredgraph.png?g=1KQAE&height=490   

 

Median sales price of a home nearly TRIPLED in the 70's.  Never would have guessed that.  roughly 24K to 64K.   Although those numbers seem laughably small now.  I assume that is the inflation of that decade effects.

 

Posted
34 minutes ago, Incredulity said:

The federal income tax is currently extremely progressive.  Are you referring to other taxes? 

once you hit the kind of income and wealth that I mentioned it's the exact opposite and it's extremely regressive. employment taxes are regressive as well taxing only the first $175,000. I agree at the very, very bottom it's progressive, but it isn't for the middle 50% compared to the benefits at the very tip top.

Posted
9 minutes ago, scramblyn said:

once you hit the kind of income and wealth that I mentioned it's the exact opposite and it's extremely regressive.

Taxes on wealth and taxes on income are pretty distinct topics.

As I stated I think there should be higher rates on higher income levels.  My preference would be the brackets are shifted up, provide relief to middle, and marginally increase top rates at very top with additional brackets as well.

Social Security payroll taxes are regressive, although that is increased every year.  Medicare payroll is a progressive tax with additional above 200K.

 

Posted
35 minutes ago, Incredulity said:

Taxes on wealth and taxes on income are pretty distinct topics.

As I stated I think there should be higher rates on higher income levels.  My preference would be the brackets are shifted up, provide relief to middle, and marginally increase top rates at very top with additional brackets as well.

Social Security payroll taxes are regressive, although that is increased every year.  Medicare payroll is a progressive tax with additional above 200K.

 

I wasn't raising the wealth tax issue. although I could see taxable debt as a thing.

Posted
35 minutes ago, Incredulity said:

Taxes on wealth and taxes on income are pretty distinct topics.

As I stated I think there should be higher rates on higher income levels.  My preference would be the brackets are shifted up, provide relief to middle, and marginally increase top rates at very top with additional brackets as well.

Social Security payroll taxes are regressive, although that is increased every year.  Medicare payroll is a progressive tax with additional above 200K.

The reality is that the wealthiest people have NO income. Jeff fuckin Bezos qualified for childcare assistance credits because his income was so low. Their value is all in stocks that have grown, which they can liquidate tax-free through taking loans against the paper value. And then when they can goose the stock up they renegotiate their loans and keep the debt cycle going.

Alllllll tax-free, of course. 

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