Wealthy individuals face six layers of taxation in fair share debate
Updated
Updated · Fox News · May 11
Wealthy individuals face six layers of taxation in fair share debate
4 articles · Updated · Fox News · May 11
The article says the top 1% pay about 40% of federal income taxes and the top 10% nearly 70%, while nearly half of Americans pay little or none.
It lists federal and state income, property, sales, capital gains and estate taxes, arguing combined burdens can approach European levels in high-tax states such as California and New York.
The piece frames criticism from Bernie Sanders and Alexandria Ocasio-Cortez as undefined rhetoric, warning higher taxes could deter investment, hiring and entrepreneurship as US debt nears $40tn.
Is the focus on a 'fair share' tax distracting from the more critical issue of accountability in government spending?
How can tax systems address the massive growth in untaxed wealth from assets, which isn't counted as traditional income?
As wealth becomes more mobile, can one country effectively tax its richest citizens without simply driving capital and talent away?