AuntiE wrote:
The last I checked taxes are based on income. Just because an individual’s wealth is shown to be ”very rich” does not mean their income is extremely high. Valuation is based on holdings; property, stocks, bonds, future bonuses, etc. None of those things are income until sold or received.
This is true and can easily account for some of the low rates.. however the basic Pay your share has been with us from the beginning.. I read somewhere long ago that the first exemptions came out the same year that IT became a law..