Why Do We Withhold Taxes from the Little Guys (Wages), But Not from the Big Guys (Capital Gains)? | WHAT REALLY HAPPENED


Why Do We Withhold Taxes from the Little Guys (Wages), But Not from the Big Guys (Capital Gains)?

New data, not yet published by the IRS, establish beyond a doubt that America has two income tax systems, separate and unequal. One system effectively taxes people with wages, while the other system is a sieve of untaxed income for investors and business owners.

The data show that 99% of wages people report on their income tax returns matches what employers list in verification reports. In contrast, the share of actual income from capital gains and business, which is not independently verified, is much less. Only about half of Schedule C profits show up on tax returns. And the new IRS data show that only 88% of capital gains is reported, a figure that almost certainly understates reality by a substantial degree. ...

Now, how do we have two systems, separate and unequal?

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