@codinghorror@infosec.exchange
2026-09-25 03:17 UTC
"But this claim is misleading. It captures just ONE tax -- the federal income tax --and ignores ALL THE REST: payroll taxes, state income taxes, sales taxes, excise duties, etc., many of which are regressive."
Replies (2)
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@codinghorror@infosec.exchange 2026-09-25 03:22
"The ultrawealthy can easily structure their wealth so that this wealth will generate little -- sometimes even no -- taxable income. Hence no income tax owed ... the effective tax rate of billionaires has fallen sharply after the Tax Cuts and Jobs Act of 2018." This is the core of WEALTH versus INCOME.
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@stuartcoyle@fosstodon.org 2026-09-25 03:22
@codinghorror@infosec.exchange What I don't get is that the conservatives always harken back to the "good old days" and then complain that today's problems are because of the high taxes on the rich. Why do they not make the connection?