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Tory Tales
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You're 100% right, the top 1% do actually pay a rather large amount in income tax when compared to the Average Joe, but that's not where their actual wealth comes from.

Most their wealth comes from Capital Gains which are taxed at a much lower rate than income, they also have more options to address paying for their investments by managing their Tax Deferrals, loans against their assets (which isn't taxable) they can go long periods without ever paying.

That's not even getting into the nonsense of using their expenses as a business deductions, which is incredibly gray legal area as many billionaires are directly involved in their operations, when can a trip to another country be questioned if every action they take maybe possibly be related to their business?

Unsurprisingly, all of this is perfectly legal, as it was meant to be, but sure, lets say they pay their fairshare with their intentionally small income as compared to their massively untaxed liquid wealth thry can pull from freely.

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4 months ago