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Here's why Americans under 40 are so disillusioned by capitalism (www.washingtonpost.com)

submitted 7 months ago by return2ozma@lemmy.world to c/politics@lemmy.world

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[-] AA5B@lemmy.world 24 points 7 months ago

Not even caring about the specific number:

why do tax brackets end at about the 5%? Basically wealthy and ultra-wealthy pay same rate as upper middle. We need more steps
why are there so many non-salary sources of wealth with lower tax rates, when only the wealthy can take advantage?

The bottom half of r tax system is reasonably progressive, so why not the top?

[-] panicnow@lemmy.world 15 points 7 months ago* (last edited 7 months ago)

Federal Tax Rates 2024 Tax Rate | For Single Filers

10%      $0 to $11,600        
12%      $11,600 to $47,150
22%      $47,150 to $100,525
24%      $100,525 to $191,950 
32%      $191,950 to $243,725
35%      $243,725 to $609,350
37%      $609,350 or more

Plus state/local taxes on top of that.

[-] AA5B@lemmy.world 16 points 7 months ago* (last edited 7 months ago)

Ok, fine, there’s a step or two in the ”wealthy” category, but my point holds.

Why is someone who makes $X income taxed at the same rate as someone who makes (1,000 * $X) income?
Why can more wealthy pay lower taxes for different sources of wealth, and claim that “it’s not income”

Plus state taxes usually have few to no brackets, and I’ve only heard of one having a millionaires tax

[-] panicnow@lemmy.world 11 points 7 months ago

I wasn’t disputing your point—just throwing in a little extra info since I literally had that table open in a different tab (it’s April in America). I honestly doubt changing those rates would impact things much though. I think we need an asset tax (like the one that exists in most states for houses and that we call property tax) that impacts stocks. Probably a massive change in estate taxes too.

[-] AA5B@lemmy.world 1 points 7 months ago

Thanks for adding the info.

[-] quindraco@lemm.ee 0 points 7 months ago

The step function goes up every 50 bucks, as I recall.

this post was submitted on 07 Apr 2024

169 points (90.8% liked)

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