Supreme Court sets up wealth tax battle for Congress – Hill
Ways the Middle Class Is Taxed Differently Than the Rich – msn
“Generally speaking, the rich earn most of their income through capital gains and the middle class earns most of its income by exchanging labor for money — also known as working for a living. According to a 2023 Brookings Institute report, ‘Investments and businesses constituted 82% of income for the top 0.01% and 88% for the top 0.001% in the most recent data, compared to just 7% for the bottom 80% of households.’
“This is an important distinction because the IRS takes a bigger share of money earned from work than money earned through investing.”
Income from ownership of capital – which mainly flows to people at the top – has grown faster than wages and enjoys favorable tax treatment.
Tax Deferring — How Billionaires Are Paying Less In Income Tax Than You – Benzinga