Taxes in USA are progressive, meaning the higher your income, the higher your taxes. The 1%, controlling 30% of USA’s wealth, should pay much more than 40%, the 99% shouldn’t pay 60% of taxes because their income is much lower on average.
You don’t really tax individuals, you tax the wealth regardless of who owns it. So 90% tax on unused wealth, the ‘hoarded’ excess of wealth that no individual needs and which could benefit others. Progressive taxation means you tax someone’s wealth less up to a certain point, let’s say 10 million, and you tax more on any wealth above that.
90% is probably still low, it should really be at whatever percentage wealth can’t accumulate.
I thought the wealthy (top 1%) paid 40% of all collected taxes in the US?
Taxes in USA are progressive, meaning the higher your income, the higher your taxes. The 1%, controlling 30% of USA’s wealth, should pay much more than 40%, the 99% shouldn’t pay 60% of taxes because their income is much lower on average.
How much more
99.999%
I don’t know, 60%? 80%? 91.645%? What a random question, what is your point?
I’m not making a point just asking what you think lmao. I’m not your enemy and I’m not trying to debate you.
In the 40s it was as much as 90%, and that caused the boom in the 50s
90% tax on the top 1%?
You don’t really tax individuals, you tax the wealth regardless of who owns it. So 90% tax on unused wealth, the ‘hoarded’ excess of wealth that no individual needs and which could benefit others. Progressive taxation means you tax someone’s wealth less up to a certain point, let’s say 10 million, and you tax more on any wealth above that.
90% is probably still low, it should really be at whatever percentage wealth can’t accumulate.
And the fact that 40% of all taxes represents less than 20% of their income should tell you how much money they’re really holding onto.
Weird