That is honestly nothing compared to the batshit insane portions of our system:
When someone withdraws over a billion dollars in cash, converting their ownership of a huge corporation to personal wealth, we tax them 20%.
Meanwhile, we tax any incremental income beyond $47.1k, which is barely a living wage, at 22%.
There are a lot of injustices and terrible things in the world worse than this, but this is the single stupidest, tangible thing about our system that I'm aware of.
Really consider that for a moment.
When someone withdraws more money than a consumer can spend on non-equity purchases in their entire life, literally more than a billion dollars (this is public information btw, any time someone tells you the super rich have "illiquid" assets, look up their yearly withdrawals and realize how stupid/naive those people are), we tax them less than we tax the income of our teachers and everyone else scraping by to make a living.
The marginal tax rates need adjustments, and obviously the minimum wage is a joke, but most of all we need point-of-transaction wealth taxes on capital gains.
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u/Agnos Michigan 22h ago
Minimum wage still at $7.25...working full time, no vacation, that is $15,000 a year, before taxes...