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Interesting fact of the day:
In the USA current estimates have the total Tax Avoidance of the top 1% wealthy at 500 million per year collectively or 5 trillion per decade.
By comparison the total tax avoidance of all the middle class and poor who work under the table totals about 2 trillion per year, four times more.
Remind me again how the rich avoiding taxes are the main problem?
Sources:
https://www.cnbc.com/2019/11/19/tax-avoidance-by-the-rich-could-top-5-trillion-in-next-decade.html
@freemo the 2 trillion figure is the total trade, not how much of that would be taxed if it was done through official channels, right?
@freemo "According to our next guest, the shadow economy - or informal economy - accounts for some $2 trillion in trade."
You read that as "taxes avoided"? 🤔
Hard to say what an average tax rate would be for that trade, but given that you are talking about middle to lower class, it would likely be below 25%
https://www.thebalance.com/what-the-average-american-pays-in-taxes-4768594
So, your post should actually say "interesting how the tax avoided by the 1% is higher than tax avoided by way more people who struggle way more."
Right?
@stragu I've been looking up figures all day and actually have a hard time finding anything much more concrete or interesting than this. If I do find something more compelling I will be sure to let you know.
Its an interesting question for me with a lot of preconceptionsa nd bias so its exactly the sort of stuff Id like to find some solid numbers on. so far I've only found rough hints at figures like this.
@freemo I appreciate it. Can't say I can discuss much more about economics, especially US, given how much I know in that field, but I thought I'd point out that was hardly is a "fact of the day". Would be interested to read a recent analysis of it - I'd love to see a chart breaking it down by income brackets. In case you do invesitage further!
Thanks for chatting and considering! 👍