Tweet
The American people are constantly told by the left that income taxes need to be higher in order to "soak" the rich, while the right keeps telling them that income taxes should be lower because they care so much for the middle class.
Unfortunately for the American people, neither the left nor the right cares about the middle class. They have purposefully conflated income with wealth, and the media and politicians on both sides of the aisle pretend that income is indeed wealth.
As a result, one side will argue for higher income taxes because they're oh so progressive. Meanwhile, the other side will argue for lower income taxes because they're so pro business. Meanwhile, their rich donor base sits back and laughs at this circus. Why? Because the rich don't have income. The rich own all the assets and what cash flow they receive is through dividends and capital gains, which again are not considered income. This investment income is taxed at half or less vs active income from working.
So why are income taxes regressive? Consider this. How is someone supposed to achieve the American Dream and become wealthy if they are taxed at 50% or more for every dollar of income they earn? How can you get ahead and build wealth through income if income is taxed so sadistically?
Ironically, the 70% income tax rates now proposed by members of the left would be the most regressive in the world. It would cement the inequality of wealth between our people. The wealthy would stay wealthy because their wealth is never taxed, and any investment income receives highly preferential tax rates. Social mobility would disappear because anyone who isn't already wealthy would find it extremely hard to earn income and build wealth.
This is a monumental scam on the American people that needs to be addressed. The American people deserve a better media who will stand up for them and actually highlight this atrocity. Of course, don't hold your breath because the media is owned by the same donor base that wants these highly regressive policies to continue.
Unfortunately for the American people, neither the left nor the right cares about the middle class. They have purposefully conflated income with wealth, and the media and politicians on both sides of the aisle pretend that income is indeed wealth.
As a result, one side will argue for higher income taxes because they're oh so progressive. Meanwhile, the other side will argue for lower income taxes because they're so pro business. Meanwhile, their rich donor base sits back and laughs at this circus. Why? Because the rich don't have income. The rich own all the assets and what cash flow they receive is through dividends and capital gains, which again are not considered income. This investment income is taxed at half or less vs active income from working.
So why are income taxes regressive? Consider this. How is someone supposed to achieve the American Dream and become wealthy if they are taxed at 50% or more for every dollar of income they earn? How can you get ahead and build wealth through income if income is taxed so sadistically?
Ironically, the 70% income tax rates now proposed by members of the left would be the most regressive in the world. It would cement the inequality of wealth between our people. The wealthy would stay wealthy because their wealth is never taxed, and any investment income receives highly preferential tax rates. Social mobility would disappear because anyone who isn't already wealthy would find it extremely hard to earn income and build wealth.
This is a monumental scam on the American people that needs to be addressed. The American people deserve a better media who will stand up for them and actually highlight this atrocity. Of course, don't hold your breath because the media is owned by the same donor base that wants these highly regressive policies to continue.
Comment