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With Tax Day today, it's worth taking a moment to look at how our broken tax system advantages the rich & big business, while perpetuating inequality & poverty in this country. If you're rich, you have accountants & tax breaks. If not, it's a different story. Some examples: (1/8)
Rich folks can afford to contribute huge sums to politicians' campaigns & do so thanks to our lax campaign finance system. In return, pols thank them with lower tax rates on high income & capital gains. If you're not rich? Your rates can be higher
. (2/8) https://www.entrepreneur.com/article/338189
. (2/8) https://www.entrepreneur.com/article/338189
Wealthy investors are often taxed on "capital gains" income, rather than on a salary as an employee. Long-term capital gains & qualified dividend taxes are much lower than ordinary income tax rates that "normal" people pay. This is no accident. (3/8)
Tax laws are constantly being changed & updated. It's hard to keep up with them. If you're rich, you likely have an accountant (sometimes more than one) who can make sure you're taking advantage of the latest tax breaks & loopholes. If you can't afford one? Oh well. (4/8)
Then there's big business. They shell out huge sums for lobbyists who essentially write tax laws to benefit them, find shelters to evade taxes & ensure maximum government support. By contrast, small businesses have few of those advantages & are suffering in this pandemic. (5/8)
What can we do about it? Plenty. @AOC wants a 70% marginal tax rate on income above $10 million. @EWarren wants a Wealth Tax of 2% on households with more than $50 million, & 3% on households with over $1 billion. And @berniesanders has pushed for raising the Estate Tax. (6/8)
For businesses, the corporate tax rate was 35%. Then @realdonaldtrump & his GOP pals lowered it to 21. But the *real* rate big corporations pay? 11.3 percent. How? They take advantage of loopholes, deductions & tax breaks. We should close them ASAP. (7/8) https://itep.org/washington-post-corporations-paid-11-3-percent-tax-rate-last-year-in-steep-drop-under-president-trumps-law/
The truth is, if you're a wealthy individual or big business, the tax code works for you. Literally. You pay lobbyists & "donate" to politicians who write the rules, to further your huge advantages at the expense of everyone else.
It's time to change this broken system. (/END.)
It's time to change this broken system. (/END.)
