The Prof G Pod with Scott Galloway No Mercy / No Malice: Earners vs Owners
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Apr 5, 2025 Delve into the peculiar world of U.S. tax policy, where earners find themselves at a disadvantage compared to owners. Discover how the tax code perpetuates inequality, particularly affecting young professionals trying to thrive. Uncover the myths surrounding wealth and taxation, revealing surprising truths about who really pays more. Journey through the challenges faced by mid-career earners seeking to build wealth, all while navigating a system full of loopholes favoring the wealthy. Explore potential reforms for a fairer distribution of wealth.
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Earners vs. Owners
- The U.S. tax code favors owners over earners, creating a wealth transfer.
- This impacts earners, who are typically younger, more significantly.
Income Tax System
- The income tax system favors owners, who are typically older, over earners.
- Earners primarily rely on wages, while owners' income comes from assets.
Florida Tax Example
- In Florida, low-income families pay a higher percentage of their income in taxes than the top 1%.
- This highlights the regressive nature of many state tax systems.