Even at 17% he paid at a lower rate than I did. America flirts with the idea of a progressive tax system, but somehow billionaires end up paying a lower % on their millions than I pay on less than 100 thousand in income. No more socialist security! A flat fair tax rate!!!
“Even at 17% he paid at a lower rate than I did. ... a lower % on their millions than I pay on less than 100 thousand in income.”
The reason they’re able to do this is that they’re paying largely capital gains taxes on previous income that they’ve invested. I hope to be at that point someday in my life, as well, namely retirement, where I’ve saved enough money where I’m simply living off of investment income and only paying capital gains tax, as well.
The thing with those who have such low tax rates is that they’ve already paid income tax on their money. They simply chose to invest it as opposed to spending it. Those earnings generated the 15% capital gains rate.
I guess we tax money when you earn it, when you spend it, and when earn money off of investment money you’ve already paid income tax on.