USA Federal Tax System: Broken & Unfair - Why?
Over the last couple of decades our USA Federal Tax System has unfortunately become unfair & broken.
This is thanks partly due to lobbying (bribery in some cases), by some influential individuals & corporations.
For example, today regular folk (individuals) pay anywhere from 10% - 37%, in federal taxes per year (depending on the tax bracket they fall in)
The big USA corporations (e.g., General Electric etc.) however, take advantage of the tax breaks that were created, via lobbying (bribery in some cases) for them, and end up paying only a fraction of a % tax, for example for 2022:
* Disclaimers:
Elon Musk's tax records are private & not published, but these values are based on the following info from:
https://www.gobankingrates.com/net-worth/business-people/how-much-does-elon-musk-make-per-day/
~ $333,000,000 income per day estimate * 5 days * 52 weeks = ~ $86,580,000,000.
My personal effective tax rate for 2022 was: ~12% (after standard deductions, dependents, etc.).
You might wonder, why is it so important for big companies to pay their fair share of taxes - I mean they provide jobs etc.? Good Question :) Let's explore why:
Big companies, in general are the biggest contributors to waste & pollution:
Who should pay the most for processing & handling that part: the company or USA resident?
Big companies, in general utilize the infrastructure the most e.g., water, electricity, roadways/highways/railroads etc.:
Who should pay the most for the maintenance of that infrastructure: the company or USA resident?
Now, if big companies paid their fair share:
It would put us in a position, where we could make it even more fair & sweeten the deal for everyone:
For example, everyone pays only 10% tax or less (corporations & individuals alike) :)
This is way, it is vitally important to ensure that: we vote for strong, good & transparent leadership that will then work with + for the USA community to address this important equality issue - but also to make lobbying of this nature (and bribery in general), illegal.
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