hmmm.. that's a minnow to the really rich pips
I've seen a documentary of rich kids from HK and China
their small yacht costs more than that
one Chinese guy is a jeweler in the UK
he sells and hour glass of diamond for 750k
i wonder what he makes in a year
I'm only talking about the US, I can't speak to how other countries tax their citizens. But yes, even if that tax level is reasonable for someone earning $500k a year, there should be more severe brackets for those earning in the millions.
I am definitely not in the category you describe, Maybe federal income tax itself is not at the highest, but I know where I am at sales tax keeps going up, and with Obama Care being mandatory that is now a tax. They just get there money other ways it seems
Its unfortunate, but it's true - the rich also have a much greater ability to pay less tax because there are more options for them. The question is, is there a solution to this?
In the US, reversing Citizen's United would be a huge step in the right direction. Getting dark money out of politics would make it a lot easier for politicians to not have to cater to the ultra-rich (corporate) donors!
Actually they pay less because of many benefits the entrepreneurs are giving back to the society such as giving employment and job.
No surprise here the rich make the rules http://www.bbc.com/news/blogs-echochambers-27074746
Great article. Followed. This is the stuff I like to see in my feed.
define rich ..
For the sake of this discussion, those with income above $415,051 / year (this number adjusts with inflation; i.e., it's in 2016 dollars).
hmmm.. that's a minnow to the really rich pips
I've seen a documentary of rich kids from HK and China
their small yacht costs more than that
one Chinese guy is a jeweler in the UK
he sells and hour glass of diamond for 750k
i wonder what he makes in a year
I'm only talking about the US, I can't speak to how other countries tax their citizens. But yes, even if that tax level is reasonable for someone earning $500k a year, there should be more severe brackets for those earning in the millions.
I am definitely not in the category you describe, Maybe federal income tax itself is not at the highest, but I know where I am at sales tax keeps going up, and with Obama Care being mandatory that is now a tax. They just get there money other ways it seems
The rich get richer, and the poor get poorer. Sad reality :(
Its unfortunate, but it's true - the rich also have a much greater ability to pay less tax because there are more options for them. The question is, is there a solution to this?
In the US, reversing Citizen's United would be a huge step in the right direction. Getting dark money out of politics would make it a lot easier for politicians to not have to cater to the ultra-rich (corporate) donors!
Fascinating @geoffrey! I dig this analysis. Following!