The Mind Money Spectrum Podcast

#86. How does your True Tax Rate compare with the wealthiest Americans?

August 03, 2021 Aaron Agte and Trishul Patel Season 2 Episode 34
The Mind Money Spectrum Podcast
#86. How does your True Tax Rate compare with the wealthiest Americans?
Chapters
The Mind Money Spectrum Podcast
#86. How does your True Tax Rate compare with the wealthiest Americans?
Aug 03, 2021 Season 2 Episode 34
Aaron Agte and Trishul Patel

ProPublica brings awareness to how the wealthy are not impacted by income taxes.

In this episode, Aaron and Trishul discuss the ProPublica article that explored the True Tax Rate of the wealthiest Americans. The article examined income taxes as a percent of growth in wealth. The findings were nothing short of remarkable. Our hosts explore the fairness of ProPublica's methodology and further uncover our income tax system's regressive nature. They go through a thought exercise to unwravel the rationale behind taxing income, and relate how the current system contributes to wealth inequality. While any solution will be messy, there's no funadmental reason why we can't come up with something better. Unless of course we simply don't have the will to do so.

Episode References

MMS #27. Can a Universal Basic Income really pay for itself?
MMS #37. How to get rich and never pay a dollar in taxes.
MMS #38. The U.S. tax system is screwing you over. Here's what you can do about it.
Warren Buffett resigns from Gates Foundation
Forbes 400
Wealth Inequality
ProPublica: Why We Are Publishing the Tax Secrets of the .001%
ProPublica: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
ProPublica: How We Calculated the True Tax Rates of the Wealthiest
ProPublica: The Secret IRS Files Short Form: A Quick Guide to What We Uncovered
Top One Percent

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

Show Notes

ProPublica brings awareness to how the wealthy are not impacted by income taxes.

In this episode, Aaron and Trishul discuss the ProPublica article that explored the True Tax Rate of the wealthiest Americans. The article examined income taxes as a percent of growth in wealth. The findings were nothing short of remarkable. Our hosts explore the fairness of ProPublica's methodology and further uncover our income tax system's regressive nature. They go through a thought exercise to unwravel the rationale behind taxing income, and relate how the current system contributes to wealth inequality. While any solution will be messy, there's no funadmental reason why we can't come up with something better. Unless of course we simply don't have the will to do so.

Episode References

MMS #27. Can a Universal Basic Income really pay for itself?
MMS #37. How to get rich and never pay a dollar in taxes.
MMS #38. The U.S. tax system is screwing you over. Here's what you can do about it.
Warren Buffett resigns from Gates Foundation
Forbes 400
Wealth Inequality
ProPublica: Why We Are Publishing the Tax Secrets of the .001%
ProPublica: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
ProPublica: How We Calculated the True Tax Rates of the Wealthiest
ProPublica: The Secret IRS Files Short Form: A Quick Guide to What We Uncovered
Top One Percent

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.