Income Tax
The Big Picture
Household Net Worth = $160 trillion
National Debt = $36 trillion
Gross Domestic Product = $29.3 trillion
Annual National Budget = $6.8 trillion
Tariffs are unfair and ineffective. They’re a consumption tax and are mostly paid by the lower and middle classes, not by the rich, who really have the money.
Since tariffs are based on consumption, which can’t be driven much by the government, they can’t be adjusted to meet the revenue needs of the nation.
A highly progressive income tax where the very rich pay a much higher percentage of their income than the lower classes is what’s needed.
Back to national debt
Back to logarithmic wealth.