“The average American pays an effective tax rate of 13% while the very rich pay 18%. But when wealth gains are included, the effective tax rate on the very wealthy averages a mere 4.8%.”
Why does the American Thinker post this person’s writing. The above nonsense seems like liberal thinking to me. The rich pay more taxes but because of “wealth gains” they are taxed less. Keep you eye out for wealth gains, and 4.8% tax on rich as the new talking points, you will know where that came from.
Yes, in times of bad inflation, the majority get hammered. That is why the Fed and Govt try to avoid high inflation. That among many other reasons is why they lie about inflation, underreporting it by at least 1%. That is a problem Biden’s handlers are having. They believe there own lies about inflation so do not understand why people are complaining about the cost of stuff.
Correction...
The rich CHOSE to RISK their excess savings in companies that can, and do, go bankrupt, or fail to grow for decades.
If the Lower 80% of American earners had been allowed to invest their four decades of Social Security contributions in the SP 500, most of them would have been millionaires in retirement.
Instead - Social Security and Medicare are the world's two largest Ponzi Schemes!