It's bull, pure propaganda
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Most of the wealth held by the wealthy is capital assets, especially stocks. Capital assets are hard to tax at rest and taxed at a lower rate in motion for various reasons. Congress controls all of that. But here’s the part that nobody ever talks about.
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The Federal Reserve has been printing money like they were getting paid to do it (hey wait) for decades to cover government borrowing. Normally printing money (monetary inflation) causes massive increases in the price of goods and services (price inflation.)
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This is one of my professors from my freshman year of college, and it’s not the first time he’s gone viral for stuff like this.
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Is this the same dude that got upset over the Socialism Monopoly parody? (The tax stuff he tweeted has been debunked, btw)
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I really want to know what “total tax rate” means here. I don’t know a ton about income taxes, but I’m pretty confident that they’re all either progressive or flat, so where on earth is this coming from?
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