There was a time when there was no Federal income tax, nor State income tax, imposed upon the population. Those days ended a long time ago, and we now live in an era, in which those that are still laboring in a position in which they are considered to be an employee, have as a matter of course, taxes taken out for Social Security, Medicare, Federal, as well as State and local taxes, if so applicable. While it is true that those that labor are subject to a graduated income tax rate, the fact of the matter is, that rather than this Federal government concentrating upon collecting money from everyone, including those that are of the middle class or below, that this Federal government, should instead, in a day and age, in which the disparity between the ultra-wealthy and the common man, gets ever bigger, and of which, a significant majority of the wealth in America, is actually held in the hands of the top 5%, that government should actually desire to do more to help the common man, by virtue of a fairer income tax policy.
Those that believe that the Federal government should treat the income so made by the labor of the common man of $100,000 or below as income that should be subject to a Federal income tax, have got it all so terribly wrong. The bottom line is that the income tax should specifically be amended to tax those entities that have the money, the wealth, the capital assets, and none else. For instance, once the given wealth of any entity, be it a given individual or a corporation, exceeds the total of $5 million, that wealth should be subject to a yearly progressive tax. Additionally, those that make their money through passive investments such as through equities, bonds, and the like, should not have their realized capital gains taxed at rates as low as 15%, but should see the taxation on those investments, be structured at a minimum of 25%, and then progressively raised to a maximum of 45%. Additionally, the amount of taxation that corporations are subject to in America, is woefully low; partly attributed to all of the lobbying so done on capitol hill, as well as through sophisticated tax avoidance schemes, along with the basic gaming of the system. It must be recognized that as reported by wsws.org, that “US corporate profits before adjustments rose to a record high of $3.14 trillion at a seasonally adjusted annual rate in the third quarter of 2021.” This so signifies, that for this Federal government to concentrate on the common man and their labor so as to tax such, is truly barking up the wrong tree; for the real money, is in corporate hands, as well as those that are ultra-wealthy, which are obviously the very entities that can most afford to pay income taxes to the very country that has provided them with the opportunity to make such wealth to begin with.
Finally, for those individuals that die, with an estate value of $3 million or more, this should be subject to a taxation upon such; for quite obviously while they were amongst the living, they enjoyed the fruits of having that wealth, but now that they have departed from this world, some of that wealth needs to be fairly taxed. So then, in short, the current Federal taxation as structured, unfairly burdens those that have the least, far more than those that have the most—which demonstrates that this government needs to devote far more time, energy and effort to tax those entities that have everything, or we will continue to see an ever-widening gap between those that are the elite of America, as contrasted with those that are simply trying to get a toehold into a reasonable version of what America should and can be.