Yes this is the problem with these quick snapshots, because the other issue is the real purchasing power of the money over time.
I do think though that there is a widening gap, and really I do not see good evidence that cutting taxes on the super rich if they even pay taxes is going to solve the economic problems that exist presently.
I do think though that there is a widening gap, and really I do not see good evidence that cutting taxes on the super rich if they even pay taxes is going to solve the economic problems that exist presently.
At times this gets a bit too personal - people against people. But the incremental tax code is a mess. For many the higher tax brackets are an illusion because there are enough shelters and deductions to provide for the wealthy to simply structure businesses and investments to get them back into the lower brackets or use losses to shelter income for years.
But similar deductions are in place to make home ownership more accessible through deductions and such ownership was a certain degree of wealth creation and retirement for many.
I wish I could find the quote of one of the Supreme Court Justices from a generation or 2 ago who basically said to take advantage of every legal deduction there is. Why blame the wealthy and the smart from doing just that? Change the code. Go back to fundamentals and fairness. It's all just thought and ideas.
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