Taxpayers rejoice!

[Woodznutz]

The rich do pay a higher effective tax rate than the rest of us. Many have income derived largely from long term capital gains, which is taxed at a higher rate than the average workers ordinary income. This is partly because the standard deduction has little effect on higher incomes while it can have a dramatic effect on lower incomes.

 

[Crepitus]

The rich do pay a higher effective tax rate than the rest of us. Many have income derived largely from long term capital gains, which is taxed at a higher rate than the average workers ordinary income.

That is a straight up lie. Long-term capital gains are taxed at rates of 0%, 15%, or 20%, which are lower, not higher, than the ordinary income tax rates on wages that can be as high as 37%.

 

[Woodznutz]

That is a straight up lie. Long-term capital gains are taxed at rates of 0%, 15%, or 20%, which are lower, not higher, than the ordinary income tax rates on wages that can be as high as 37%.

Not so. I just did my taxes. My AGI is $117,000 for 2025. My tax due is $16,800 or 14.35 percent. A rich person will pay a larger percentage. Depending on where you live being truly rich means an annual income of $800K-to several $millions. And depending on the source the tax rate will easily surpass that of average earners.

 

[OKTexas]

THREAD CLOSED, LACKS REQUIRED LINK TO SUPPORT CLAIMS OF FACT IN THE OP