this post was submitted on 11 Jun 2025
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This is why our tax code is broken. There's so many hidden bullshit codes and requirements, that people are fucked unless they can actually spend a fortune on accountants and tax lawyers, two professional that we don't need that many of btw, but our tax code is written to make money and jobs for the rich.
Fuck the feds.
How can it be broken if it works exactly as intended? Same goes for the tax laws in my shitstain country.
I read an article the other day how taxes are a way - and always have been - to redistribute from the poor to the rich. Sounds about right.
Taxes can go either way. It depends on how they were written.
The tax code after the Great Depression allowed for massive expansion of public projects in the U.S. It was 63% for the top earners. During WW2 the top tax bracket was at 94%.
When the boomers were all born the tax bracket was above 70% for the top earners. This high tax bracket is what fueled the creation of a large middle class, public infrastructure, schools, research, space exploration, and the massive military buildup and wars. It also acted as an effective anti-minopoly/oligarchy system because the tax system discouraged it.
Then in the 80's Reagan slashed the taxes for the top earners down to 28%. its never gotten above 40% since then. Most high earning companies have so many exeptions today that the real tax rate is often 0%.
Because of it the infrastructure built during the 50's-70's is degrading and falling apart. Public services are declining and the middle class is shrinking as people become more impoverished.
Wow, your post sent me down quite a rabbit hole. I suspected 94% was rather high, this page puts it into clearer perspective:
source
Still, your point stands, taxes can be an instrument for (more) equality. The article I referred to (see another reply of mine for the full article) also gives an example of how taxes can be fairer, and also gives an example of a time in Italy when they were.
In 2025 it would be anything above 3.6 million. It's a ton of money but here's a list of a few people that hit it.
https://aflcio.org/paywatch/highest-paid-ceos
Now if they added in a progressive tax rate for corporate taxes as well.... Say anything over 500 million in net profit is taxed at a 90+% rate. That would solve all sorts of issues. Suddenly investors of all these mega corps would be pushing hard to divide up the companies into smaller entities.
Wealth tax in the modern age could be an inheritance tax. Anything over the median life earnings of individuals could be taxed at 100%. So median earnings in my area is $65K * 45 years (20-65k) = $2.93 million.