alt Hacker NewsDo low taxes in the US work for anyone other than the Epstein class? Ancient, crumbling infrastructure, rising cost of living & basic necessities, stagnate wages, shrinking middle class, massive transfer of wealth from the working class, worsening education and healthcare, corrupt government at all levels (corrupted by the benefactors of those tax cuts), market consolidation and collusion resulting in less choice, higher prices, and on and on. It's not all bad of course, for example some luxuries are cheap (such as phones or TVs.)
Sweden may have fewer billionaires flying child models to tropical paradises for coke and popper fueled orgies, but I'm guessing their senior engineers plans for long term unemployment or serious injury/illness don't often include choosing between suicide or homelessness so maybe they're doing something right? I'm sure a happy medium exists and we don't need to go back to our 'great' (1950s) era tax rates though
the epstein class has low effective tax rate, because they are able to write off a lot of their consumption.
large SUV? written off via accelerated depreciation.
hotel or travel or leisure? written off as a business expense.
the issue is not with the nominal tax rates, the issue with numerous tax breaks, carve outs, deductions and etc etc. Every single one of them costs hundreds of billions to the state/federal budget and has to be recouped via taxes on W2 workers.
W2 workers are taxed on wages (income), while capitalists are taxed on profits (so they are able to deduct a lot of stuff), plus all the tax breaks, offsets, deductions, carveouts.
plus capital gain tax is 10%, while marginal income tax rate (fed+state) can be 50%+
we W2 workers bust our asses off, only for half of the stuff get stolen away by uncle sam. Meanwhile rich capitalist just watches his portfolio go up and to the right, and pays 10% (if he ever pays! lot of them just borrow, instead of selling)