this post was submitted on 19 Sep 2024
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Wouldn't this be a double standard if we're applying @[email protected] 's logic? The rich would get taxed on loaned money but the middle class wouldn't?
That's generally how progressive tax brackets work, yes. Technically speaking if I rich person wants to take out a 30k HELOC they'd also not get taxed on it.
that's like the point of the entire system? I mean, I don't want to go back to the 1800s corporate baronies that defined most industry at that point in time
This is how... EVERYTHING works... Income tax brackets, 401k limits. I thought this was pretty obvious, from each according their ability and all.
Oh no... Anyway.