@codinghorror@infosec.exchange
2026-09-25 03:22 UTC
"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.
Replies (1)
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@codinghorror@infosec.exchange 2026-09-25 03:26
"In 1910, the top 0.00001% wealthiest Americans .. owned ~4% of US national income in WEALTH. Today, [they] own ~14%. It is high time we fix this anomaly." hard agree, and a take a hard look at the income vs. wealth distinction, because they will lie to you about this.