I took the "all Americans should pay some income tax" point in a different way. My understanding is that many wealthy people don't pay any income tax because the tax laws are such that their wealth is held in places other than income, and that the same can be said of some large corporations. I thought this was so widely known that Ric…
I took the "all Americans should pay some income tax" point in a different way. My understanding is that many wealthy people don't pay any income tax because the tax laws are such that their wealth is held in places other than income, and that the same can be said of some large corporations. I thought this was so widely known that Rick Scott making that statement was kind of an "oops" or an own-goal. Tax accountants and CPA's, could you comment on whether I have this right or wrong?
I took the "all Americans should pay some income tax" point in a different way. My understanding is that many wealthy people don't pay any income tax because the tax laws are such that their wealth is held in places other than income, and that the same can be said of some large corporations. I thought this was so widely known that Rick Scott making that statement was kind of an "oops" or an own-goal. Tax accountants and CPA's, could you comment on whether I have this right or wrong?