Continuing low tax rates for the rich and corporations will hurt working families

[somsai]

1. Musk is a working family, as is Bezos and Gates

and I don't think I stay up late at night losing sleep about them paying too much in taxes. Them or anyone else labeled "working families".

Wednesday I received my completed tax forms back from the accountant. I am paying an effective tax rate of 6.4%. Our income is towards the lower side of the fourth quintile. We enter no gray areas to avoid taxes. We max out our IRA contributions, pay two tuitions.

Similar to Musk most of our income doesn't even count, unrealized income is taxed at 0%. Equities. They fluctuate, lost 2% in value this week.

One thing I do know is I personally could afford to pay a lot more in taxes, and if I can I'd be willing to bet just about everyone reading this can. It's the greed of the millions and millions of people making six figures and up that allow billionaires to also not pay much in taxes. We take our few thousand of tax breaks and that allows the people in the two percent or the one percent or higher, to take millions in tax breaks. If we took all the billionaires money, it still wouldn't be enough. We need to start paying our fair share. Tax billionaires sure, but tax ourselves too.

40% of American families make under $60K per household. 20% of families make over $155K. At 60K they are barely hanging on, at 155K you should be investing enough for early retirement and a life of luxury. There is a vast difference.

We need an end to deductions, including the IRA and health insurance and move to simple progressive taxation. The poor pay none and the richer you are the more you progressively pay.