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Billionaires should not exist.
(lemmy.world)
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this post was submitted on 15 Mar 2024
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The 55% rate is only on wage income (and the real upper tax rate on wages is more like 66% anyway, if you include payroll tax).
Capital gains tax is 30%, and that's only on realized gains AFAIK - which is shockingly close to the base payroll tax (25%).
The hardest taxed people here are the middle class, since they get their income as wages, whilst upper class tax rates are significantly lower, with more of their income being from capital gains.