My CPA put it this way....”All I can tell you is that the rich are getting richer.”
“My CPA put it this way....”All I can tell you is that the rich are getting richer.””
It’s the dems economic policy they call “trickle up economics” and it means just what it says.
It’s a paradox.
The higher you raise taxes on the rich to provide goods and services for the poor, the rich will get richer and the poor will get poorer.
If the govt collects taxes then spends the money to pay for an ice cream cone for a poor man, the wealth doesn’t get transferred to the poor man getting the ice cream cone, he has an ice cream cone which is gone when he eats it.
The wealth gets transferred to the top, the man selling the ice cream cone.
Since LBJ’s “war on poverty” there has been, IIRC, around $20 trillion spent.
If that was a transfer of wealth to the poor as everyone wants to believe, then the poor would be rich, and they’re not.
I hope your CPA exhibits greater knowledge and wisdom when preparing your return.
“The rich get richer” doesn’t apply to the top 1%. It applies to the top 0.01%.