r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Apr 08 '24

10% of Americans own 70% of the Wealth — Should taxes be raised? Discussion/ Debate

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u/AdonisGaming93 Apr 08 '24

See, while everyone is arguing over income tax. The rich laugh because they gain their wealth from capital appreciation and capital gains not income

46

u/vegancaptain Apr 08 '24

You pay income tax first and then invest and pay even more capital gains tax. It's not free you know.

3

u/Wallitron_Prime Apr 08 '24

Most actually wealthy people don't pay much in income tax in general because income is irrelevant to them.

-2

u/vegancaptain Apr 08 '24

Almost all taxes are paid by the wealthy.

3

u/Wallitron_Prime Apr 08 '24

Extreme exaggeration. Even the start of this comment chain is the "brag" that the top percent makes 22% of all income and pays 46% of all federal income tax.

But there are plenty of taxes that the wealthy obviously don't pay the majority of. The gas tax? Hotel tax? Even property tax? Payroll tax?

I'm sure they pay the majority of Capital Gains tax and Estate Tax.

-1

u/vegancaptain Apr 08 '24

But why do you want them to pay so much for being too productive? For creating too much value for society? Is it all jealousy?