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this post was submitted on 19 Jul 2024
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It sounds to me like people who grew up in one part of this graph need help from people who grew up in another part of this graph? I wonder which is which
Not that you're wrong, but returning tax rates to what they were in the 1970s and earlier would help a lot.
The issue, at the core, is that we allowed the rich to take money out of useful circulation. Before, when taxes were higher, you had the option of either reinvesting your profits into your business, or paying them as tax, which would get used to provide services. Now the rich can use it bank wealth, which means productivity gains go to the rich, and the rich alone, instead of to everyone.
This isn't a bad idea, and it helps at least with generational home ownership equity, but it's still ignoring the elephant in the room.
If you look at the average tax rate by income it maxes out at 250k to 500k, then the rate halves as you get to $1M and make more money in the .1 and .01%s.
Our tax system systematically fucks over the middle class and I'm incredibly annoyed by it. You've got CEOs taking a $1 salary but making all their income as capital gains from stock grants so they pay taxes on 50% of their income.
What people think are the 1% are actually the 0.1%.
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110005501