Tuesday, June 13, 2023

When the Tax System Works for the Rich

The story in this article is infuriating, perhaps surprising to some people, and an indicator of how our political system is severely harmed by big money.

https://finance.yahoo.com/news/five-ways-rich-save-big-023512497.html


When the tax code is written by the money people, it will benefit ONLY the rich and this article indicates several ways it happens -- and most people don't have any reason to become familiar with these techniques/loopholes. But we need to know. When some people pay most of the taxes (as a percentage of their incomes), it's not fair, people lose faith in their government, people become confused and angry, and even our adversaries can laugh at us with cause.

We need to fix these when they come to light, but when do they come to light? This article is the first I've read since ProPublica or Vox did an investigation of the issue. It's not every day. Too many other things take our attention and time. Perhaps now, with one of the biggest tax cheats in history being charged with federal crimes in the news every day (Donald Trump), we can see how the tax system is used and abused.

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