Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

why are rich people not being taxed more? I think the US gov. should be taxing the hell out of these CEOs . why they are not?


what does Biden plan to do? what Obama did? why?

14 Answers

  • 1 month ago

    Why should 44% of the country not only pay ZERO income tax, but get money from the taxes paid by the other 56%?

    The top 10% in income pays 70% of federal income tax collected. The top 1% in income pays almost 39% of federal income tax collected. The top 50% pay 97% of federal income tax collected. The bottom 50% pay 3% of federal income tax collected.

  • F
    Lv 6
    1 month ago

    I don’t know the US tax system but in the UK, someone earning £20k will pay around £1700 tax. Someone earning £1m, will pay around £435000. Who is contributing the most to the country. The problem is tax avoidance

     which is legal (as opposed to evasion) and is generally because the best tax lawyers work for rich people not the government.

    Another disgrace is higher rate tax starting at just over £40k which hardly makes you rich.

  • 1 month ago

    They ARE.  The rich pay big taxes.

  • 1 month ago

    You know why rich people remain rich? Because they are rich enough to hire smart accountants who can minimize the amount of taxes they pay through perfectly legal (and sometimes illegal) means--tax shelters, stock market purchases, gains and losses that are deductible--and a thousand other ways. It's not taxes that kill wealth. Taxes are avoidable in a lot of cases. CEOs don't use their personal wealth to fund their businesses. Corporations and companies are taxed differently than people. Even if we increased the tax rate significantly for wealthy people, it would not do a doggone thing to change the way businesses get out of paying MORE taxes. 

    You should research economics and how it actually works. It's not that simple. 

  • How do you think about the answers? You can sign in to vote the answer.
  • Sally
    Lv 7
    1 month ago

    Because the rich people donate the most money to the politicians who make the laws.

  • 1 month ago

    We have a progressive tax system in place now where the poor pay nothing, the middle class some, and the rich the highest % rates  on taxable income.

  • 1 month ago

    They run the government so why would they want to pay more in taxes. 

  • 1 month ago

    So they way it works is that those RICH people BRING Jobs to the “not-rich” people. They are the ones who have the Money to make a difference in peoples lives. Why don’t you go to YouTube and look up How to start a Business, and after just a few years YOU can be RICH too! YOU can help others with your wealth!  How about that? ! 

  • Anonymous
    1 month ago

    Because the two main political parties in America are funded by Wall Street, million dollar corporate conglomerates, and the wealthy elite.

  • 1 month ago

    They pay more taxes than you do. If you make $10000  a year and they make 3 times as much they are paying more than you by the same tax rate . You should take a course in basic math 

Still have questions? Get your answers by asking now.