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Originally Posted by Happy Monkey
And the superwealthy have the vast majority of their income in capital gains and dividends, while the poor are lucky to have a minimal retirement account set up, the taxes on which are deferred until retirement, anyway.
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people have more money than you think. i was shocked when i started in the market to find out who had money, and how much.
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A true flat tax is in effect regressive. Taking 15% of minimum wage is much more of a burden than taking 15% of $500,000.
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so fine how about we start with anybody over $25,000 earned income in a single year is subject to a 15% flat tax? no loopholes.
that is $3750 our of the $25K guy's pocket and $75000 out of the $500K guys pocket. fair enough for you?