America's pilots and surgeons are paying too much in taxes

[Cherokee_Cruiser]

MSNBC


Opinion piece, but spot on.

America's pilots and surgeons are paying too much in taxes

A new study shows hard-working rich Americans are taxed at a higher rate.

www.msnbc.com

“Rich” is subjective. But paycheck jobs like pilots are subject to heavy tax deductions.

What I will never understand is why the masses, whom mostly consist of paycheck jobs, have allowed a system where they are subject to federal tax brackets that only increase the they make, yet, allow truly rich people (who usually don’t take paychecks, they deal in stocks, options, dividends) to pay just a 15% long term cap gain federal tax.

 

[MFT1Air]

MSNBC


Opinion piece, but spot on.

America's pilots and surgeons are paying too much in taxes

A new study shows hard-working rich Americans are taxed at a higher rate.

www.msnbc.com

“Rich” is subjective. But paycheck jobs like pilots are subject to heavy tax deductions.

What I will never understand is why the masses, whom mostly consist of paycheck jobs, have allowed a system where they are subject to federal tax brackets that only increase the they make, yet, allow truly rich people (who usually don’t take paychecks, they deal in stocks, options, dividends) to pay just a 15% long term cap gain federal tax.

Perspective over perception.

Easy fix. Transition an obsolete financial system into something more effective designed to minimize a tax burden on the citizens and/or corporations. Doable? We will see? I looked back to how the federal tax system began. Seems to me with the globalization of digital assets, there may be a plan in the works. I don't know. Macroeconomics was not a course I took. Too many smart economics around NOT to sort it out on a global scale. Just a thought.

Federal income taxes in the United States began with the Revenue Act of 1861, which was introduced to help fund the Civil War. However, the modern federal income tax system was established with the ratification of the 16th Amendment on February 3, 1913. cssiservices.com Wikipedia

Origins of Federal Taxes​

Early Taxation in the U.S.​

• The first federal income tax was introduced during the Civil War in 1861.
• This tax was a 3% levy on incomes over $800, aimed at funding war expenses.
• It was repealed in 1872 due to public opposition.

Establishment of Permanent Income Tax​

• The modern federal income tax system began with the ratification of the 16th Amendment on February 3, 1913.
• This amendment allowed Congress to levy taxes on income without apportioning it among the states based on population.

Initial Tax Rates​

• Following the 16th Amendment, Congress enacted a federal income tax with rates starting at 1% for incomes over $3,000 and up to 7% for incomes exceeding $500,000.
• Initially, less than 1% of Americans were required to pay this tax.

Evolution of the Tax System​

• Over the years, the income tax system has evolved significantly, especially during major events like World War I and World War II, which led to increased tax rates and broader participation in the tax system.

cssiservices.com Wikipedia