Reply to For those with high HHI ($500K), tax saving strategies

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Our federal income tax code is highly progressive. 
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Eh...I don't know that our tax code is what you'd call "highly progressive". We're more like middle-bottom for progressive tax rates but live with high, and increasing, wealth inequality. So it's easy to say "my word, the top 10% are paying all the taxes! we're so progressive!" when in reality the 10% have almost 80% of the money so yeah.

Figure 1 Top Effective Marginal Tax Rates in 2019 and Their Composition
[img]https://taxfoundation.org/wp-content/uploads/2019/10/TEMTR-41Countries.png[/img]
https://taxfoundation.org/research/all/eu/taxing-high-income-2019/

[img]https://preview.redd.it/wealth-inequality-by-country-oecd-data-v0-6lutkla5vbdb1.png?auto=webp&s=b23267f599db0543967d76ef0bd29582a48b002e[/img][/quote]

Note that the above quote says our federal income tax is highly progressive. The chart shows a number of taxes stacked on each other. If you look at just the dark blue we’re much higher. And progressivity measures the difference between high and low income earners. European top tax rates start at significantly lower incomes. Europe just has significantly higher tax burdens overall. 
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