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this post was submitted on 03 Jan 2024
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You are looking at two different tax systems. The effective US tax rate (the rate you actually pay is much much less). Our household makes $300k per year, and we have a $650k net worth. Our income taxes every year? Less than 7% of that, which is absurdly low. The ultra wealthy are taxed even less than that. The US is propped up by taxes from the middle-class because the more you makes, the easier it becomes to optimize and lower your effective tax rate. We need to tax the rich more.