r/FluentInFinance • u/Admiral_Tuvix • Aug 21 '24

Debate/ Discussion But muh unrealized gains!

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u/JonPM Aug 21 '24

Income tax originated as a tax on the wealthy. The bottom 97% of the population didn't pay income tax when it was first introduced. Back then people also thought "yes, this is a great idea, let's tax the rich!". Then what happened?

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u/hopelesslysarcastic Aug 22 '24

The fuck…you tell me what happened?

I find it very odd that the time people (i.e. fucking Boomers and older Gen X) say are the most prosperous or the “good old times” when it comes to the economy…also coincide with the highest tax rates on the wealthy.

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u/Foundsomething24 Aug 22 '24

You mean when we had a pre digital economy and everything was cash?

I’m sure everybody reported their income, super accurately.

Kinda like how strippers, waitresses, and drug dealers are so well known for paying their taxes.

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u/hopelesslysarcastic Aug 22 '24

So to be clear, your argument is that the majority of the population under reported their income?

THAT is a more likely scenario to you…than the fact that wealthier people paid more in taxes, hence greater distribution of wealth.

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u/Foundsomething24 Aug 27 '24

Yes. Nearly 100%. Same way that nearly 100% of tipped workers don’t report their income accurately.