Antifragile
Progress not perfection
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Income tax didn't exist until the late 1800's. Up until then, the government would sell off land to private owners to pay for running the government. Those days are long gone. Unless you think there shouldn't be any government, it needs money to operate. The primary revenue source is income taxes.
Where else would operating revenue come from? Oil leases? Trade imbalance? Patent licensing?
All good ideas that generate money, but we were born in a world where politicians are used to collecting taxes. You should be happy that the only thing they like more than raising taxes is borrowing money. Otherwise, our taxes would be a boatload higher than they are already. Fortunately, the tax planning industry for wealthy people is miles ahead of the politicians. Anyone in the seven figure club paying more than 20% just isn't trying.
I don't know US tax laws, so I'll just complain about Canada.
My income tax bracket is highest, that means I pay 53.50% on every dollar I make over $222,420.
When I buy a nice car, my luxury vehicle tax is 20%. That's 20% of my after tax money.
Let me put it this way, a $150,000 car costs me $150k x 1.2 / 0.535 = $336,449 in pre-tax income I'd have to make extra. Or think of it like this, I pay $186,449 in taxes on a $150,000 car. FML.
+ Vancouver gas taxes 54 cents per litre! Drivers in the rest of B.C. pay 43 cents in taxes per litre of gasoline.
How is this level of taxation not criminal?
And please tell me again that I should be happy! Please. 🙄
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