Don’t Fall for the Right’s Favorite Lie About Taxes

«You will grow old and gray waiting for conservatives to expound on the unfairness of sales taxes.»

(Looking at you, Florida.)

The favorite lie being to narrow the focus to the *federal* *income* tax and claim it’s a soak-the-rich scheme, instead of looking at the total tax picture. Social Security (FICA/OASDI) taxes are only paid on the first $140k of your income, so the rest of your $10 mil income last year? Not taxed! \o/

(At least, not subject to FICA, which is a pretty dang big chunk.)

Anyway, here’s the 2020 ITEP report:

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.