"Now imagine all capital gains, realized or unrealized, were taxed at 37% and the first $80,000 of wages were tax-free." Ok. Now imagine the wealthy either buying loop holes (as they have for generations) and/or moving their capital to more friendly locations. Capital controls? They would know about that before it was passed(if it was passed...). The wealthy can buy favors from government. Because government has favors to sell.
“Note self-employed people like myself pay the full 15.3% ourselves, as we’re both employer and employee.” On paper, yes. But it’s reasonable to assume that employers allow for their 7.6% in the salary they offer. The full 15.3% is baked into whatever cake your offered in exchange for your labor.
all true, and nothing can change this downward direction for the average person.
for now, ALMOST ALL Americans still have some affordability of non-essentials above their affordability of essentials.
degrowth will be getting severe in the 2030s.
the 2020s are the good olde days.
"Now imagine all capital gains, realized or unrealized, were taxed at 37% and the first $80,000 of wages were tax-free." Ok. Now imagine the wealthy either buying loop holes (as they have for generations) and/or moving their capital to more friendly locations. Capital controls? They would know about that before it was passed(if it was passed...). The wealthy can buy favors from government. Because government has favors to sell.
“Note self-employed people like myself pay the full 15.3% ourselves, as we’re both employer and employee.” On paper, yes. But it’s reasonable to assume that employers allow for their 7.6% in the salary they offer. The full 15.3% is baked into whatever cake your offered in exchange for your labor.
Interest is deductible?
Business interest is deductible. It is considered a cost of doing business. Consumer interest? Sorry, that deduction was eliminated decades ago.