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rv7charlie

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If it were left alone to start with, it wouldn't become an issue. But statements like that, when left unchallenged, become 'true' (note the quotes) when other uninformed people read them.

The initial statement ('the wealthy are taxed at a much higher rate than everyone else') is false. The worst-case rate for the uber-rich, assuming that they actually pay any income tax at all, is 37%. The minimum rate is 12%.
2020-2021 Federal Income Tax Brackets & Tax Rates - NerdWallet
But what's worse is that regardless of *rate*, the uber-rich don't actually pay much, if any, at that rate.
The secret IRS files: Trove of never-before-seen records reveal how wealthiest avoid income tax
The tax code is so slanted to advantage the uber-rich that they pay little if any actual taxes.

That means you and I pay a bigger percentage of the national operating costs than Bezos, Musk, Buffet, Bloomberg, etc.
And please don't ask me to swallow 'trickle down' economics; we all know what trickles down,

Charlie
(Didn't stay in a hotel last night, but I do have a degree in Economics.)
 

mcrae0104

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(Didn't stay in a hotel last night, but I do have a degree in Economics.)
You're not helping your case. ;)

But statements like that, when left unchallenged, become 'true' (note the quotes) when other uninformed people read them.
May I suggest the "Report" button? We have some good moderators who can keep things on track if it's used. Otherwise we have to do this whole back-and-forth political song and dance before they get involved, and their job just gets harder.
 

Pops

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Let me guess. Keynesian Economics
 

Vigilant1

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For those not in the know, the US has a federal tax on income, which we call an "Income Tax." The ProPublica piece, which I invite anyone to read rather than simply citing popular press counts of it, errs primarily in conflating "wealth' with "income." It makes a better story.

Maybe somebody wants a wealth tax so we can all pay taxes every year on the (unrealized) appreciation in our homes, businesses, silverware, our saleable knowledge and skills, etc. We'll call the new scheme the "Appraiser, Lawyer, and Accountant Full Employment Act of 2021.”
Everyone, please don't reinvest that capital back in your business to make it grow, employ people and make things. DC has a "higher purpose" for that money.
 
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Rhino

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...BTW, when was the last time that a story about an airplane or a pilot report went to the trouble to actually measure speeds rather than simply repeat the owner’s or manufacturer’s claims?
Aviation Consumer does it every month.
 

rv7charlie

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I hope you don't think that *I'm* advocating a 'wealth tax'; I'm not.

Regardless of the political leanings of the reporters, the fact remains that if you or I have income, the tax structure forces us to pay income tax on a significant portion of that income. When we talk about 'increase in wealth', that *can* come in the form of 'paper' increases, where the value of stocks, real estate, etc increase. But we all know that isn't the only way the uber-rich have 'increases in wealth'. It's just that when you or I get paid a salary, or our business shows a profit for the year, there are few ways to legally make that income disappear as we work through the tax forms. Of the ~4,000 pages of tax code, we get to use about, maybe 6 to our advantage. On the other hand, the uber-rich can take full advantage of all 4000+ pages, meaning that the very real income they earned during the year gets buried or re characterized as something other than income. So regardless of tax rate, they pay little or nothing in income taxes. Same applies to many giant corporations, who, according to the US Supreme Court, are people, too.
 

BJC

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It's just that when you or I get paid a salary, or our business shows a profit for the year, there are few ways to legally make that income disappear as we work through the tax forms.
I’ve long believed that the FAA, as well as most other imperial government agencies, would behave very differently if our legislators behaved differently, and one way to drive them toward representing the wants of the electorate is to eliminate income tax withholding, and require each person with income to write a check to the government each month.

I’m not expecting that to happen, but it is fun to think about.


BJC
 

Rhino

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Thanks, that is a publication that I am not familiar with.

Can you link to an article / pilot report that scows how they verify actual speeds?
Unfortunately you have to be a paid subscriber to access their articles online. The subscription price is probably a little high considering the small size of the publication, but I consider it worthwhile because they report honestly, accurately, and hold no punches. They report on lots of aviation products besides just aircraft. It's kind of hard to justify it either way if I don't have the ability to show you an issue or two. Obviously I can't expect you to just take my word for it, and I don't have any trips to Florida planned anytime soon. But after the last few days at Pigeon Forge, I'm kinda wishing we had gone to Florida instead.
 

BJC

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Obviously I can't expect you to just take my word for it,
I’ll take your word for it. Just tell me how, in an article, they accurately determined the stall speed and the maximum full power level flight speed.


BJC
 

Vigilant1

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Re: Income tax withholding: yes, eliminate it and make taxes more "real." How many folks are now excited to get "money back' every year?

Fun fact: As a young mid-level bureaucrat, the great free market economist Milton Friedman proposed and was key to implementing mandatory income tax withholding (during WW II). He regretted it for the rest of his life.
 

Rhino

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I hope you don't think that *I'm* advocating a 'wealth tax'; I'm not....
Charlie, I would normally be quite happy to back and forth with you on this, but the others are right. That isn't a topic for this forum, and I never even should have brought it up. My apologies to all.
 

Rhino

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I’ll take your word for it. Just tell me how, in an article, they accurately determined the stall speed and the maximum full power level flight speed.
I'm on vacation and don't have access to any issues right now that I could quote from. The bulk of the publication deals with aircraft products, and possibly maintenance/reliability issues. Sometimes they also cover things like safety issues or market trends, like the efforts to replace 100LL and electric aircraft initiatives (I don't recall them testing a specific electric aircraft yet). But each issue has a section at the end on a specific make and model aircraft. They fly those planes for their articles, sometimes courtesy of a factory demo ride and sometimes courtesy of an existing owner of the model being reported on. Those flown courtesy of owners is due to the fact that those particular aircraft models are no longer in production. They do that to keep relevancy with what's prevalent in the aircraft market rather than just articles on the latest and greatest thing to come off the assembly line. As a result, most of the articles are on aircraft no longer produced. They even report on experimentals from time to time. They may sometimes mention factory performance numbers, but they always report what they actually experience firsthand while flying it. If there is any reason they aren't able to verify a factory performance claim, they specifically state that it is unverified. If they disprove a factory performance claim, they say so. For production aircraft, they also cover (usually) all the model versions availble through the years, complete with changes made in each new model, changes in specs over model years, and specific maintenance problems/issues/ADs related to each (or all) model changes. Every issue they announce a specific model they plan to report on in an upcoming issue and ask anyone flying those models to report their experiences with them, good and bad. They include many of those owner responses with their articles. It's the absolute closest thing I've seen to comprehensive impartiality in a consumer oriented publication, but again, my impression might not be shared by all. It's certainly the most reliable publication I've ever seen on aviation products, so I personally feel the cost is worthwhile for me. But as always, your mileage may vary. Normally I keep all my back issues so I can refer back to them later. But if I find one comprised of articles that don't really apply to me, I'll contact you via private message so I could send you that copy.
 
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