Until there's an aggressive international agreement on closing tax loopholes, raising the taxes only impacts the barely-rich (doctors, lawyers, etc).
The ultra rich don't pay the current nominal income tax rate, because their income isn’t of the kind subject to income taxes, much less the additional taxes levied on labor income. The simple solution to that is to wipe away the distinctions about source of income in taxation policy (for payroll taxes, that means also eliminating limitations in source of income that qualifies for benefits and the quantity of annual income taxed, but that doesn't prevent, e.g., additional “bend points” in benefit formulas to limit the benefit impact of larger incomes.)
> Until there's an aggressive international agreement on closing tax loopholes, raising the taxes only impacts the barely-rich (doctors, lawyers, etc).
That's only true if you raise taxes on the kind and amount of income that doctors and lawyers typically make. Equalizing taxes on capital and labor income by doing away with payroll tax limits and favorable treatment of long-term capital gains while dealing with non-repeatable income (like most long-term capital gains for any but the ultra-rich) by allowing both advance tax recognition of anticipated gains and deferment of windfall gains over a period of years would impact the haut bourgeoisie, but have only modest, and mixed, impacts on the barely rich.
That's what Biden wants to do, terrible idea.
Removing favorable treatment of long term capital gains is also a terrible idea. Ideally, there should be 0% gains tax (and income tax), but people will settle for favorable treatment compared to income tax.
Why? Your income is disproportionally dependent on investments and expenditure made by society to pave the way to your ability to generate income. It's fair that those who benefit the most from society also help the most to preserve its uplifting impact on the people.
In the end, that spot at Yale will still be filled. The needle on the chances of it being Dr. and Mr. Irgendwas' child probably doesn't move that much, either.
Ultimately policy makes change not some expectation for individual morality.
The problem with that point of view is that ignores the corollary that most of the people are not held do blame because there's always someone else which is privileged and has direct control over their lives and livelihood.
Complaining that someone in the US earning $50k/year is responsible for the current state of affairs, when they can't even control their own lives, is miopic and sheer idiocy.
*also depending on where you live, even within the US, $50k can be a decent salary.
If you're paying $30k-$50k a year to send your kid to a private school, we're not talking about the same kind of family as a people working one or two jobs sub-$20/hr just to make rent. No one listens to the latter; if you're the former, you have positioned yourself socially to be heard by the decision-makers and policy-executors. If you don't say anything except in your own defense, knowing what an educated person should know about poverty and suffering in America, even somehow envisioning yourself as among those suffering, that's a choice.
For the most part, no.
> $50k is not even the average annual income in this country
That depends which average you are referring to. It's well above the median personal income (around $35K)—the median being usually the useful average for income statistics, but a little bit less than the mean personal income. (The most common “average income” number, though, is neither of those, but the median household income, which is close it $70K, but it doesn't really make sense to talk about an individual's income being average or not and looking at a household, instead of individual, metric to judge that.)
“Average” is an ambiguous term. The mode, median, and the various (harmonic, geometric, arithmetic) means are all averages.
In income statistics specifically, the usual average referenced is the median of the appropriate measure.
In context-neutral informal conversation, the arithmetic mean is the most common average.
If you want to be clear, its a good idea to avoid “average” and use the specific term for a measure.
They aren't synonyms, they are more specific terms.
In colloquial language, an average is a single number taken as representative of a list of numbers. Different concepts of average are used in different contexts. Often "average" refers to the arithmetic mean, the sum of the numbers divided by how many numbers are being averaged. In statistics, mean, median, and mode are all known as measures of central tendency, and in colloquial usage any of these might be called an average value.
https://en.m.wikipedia.org/wiki/Average
Average
1a: a single value (such as a mean, mode, or median) that summarizes or represents the general significance of a set of unequal values
Further, if you go into the definitions of median, mean, and mode on Merriam Webster's, only "mean" actually mentions the word "average." It shows up in the "synonyms" section for median, hilariously, but not in the definition itself. It is then probably least incorrect to assume that average refers to the mean unless there is some previous understanding that it doesn't (and since you presented the other meanings within a hypothetical, obviously there was no such understanding).
In any case, since I brought up the word "average" in the first place, and in all reasonability meant it to refer to the mean, I don't know why you're still arguing with me about this. You read an marginal meaning into my text to make a pedantic point and have wasted both our times.
You really should refresh your statistics. Average means absolutely nothing if you don't take into account how uneven the income distribution is, specially in the US where income inequality reached abismal levels.
To focus on the facts, the median household income in the US is close to $63k. Note it's median, not average, and note it's household income, and not anual income.
That means that in half of US households you still get a household income lower than those $63k even if you add two incomes. That's how half of the US population lives.
I did, which is precisely why I used that figure in the first place. I made the (evidently correct) assumption that most people would know that the median income is lower than $50k and the average. Grandparent's "barely rich" figure doesn't even hit the (high-earner overburdened) average, yet is higher than the income the median earner brings home. It's damning and inappropriate from two angles, which brings into question his entire argument.