Impact of of capitalism, Someone say that capitalism is

Impact of of capitalism

Reference no: EM1375817

Someone say that capitalism is designed to create the rich richer and poor poorer.
In that case you have to work hard and become rich! Then you can relax a bit and just maintain.
Our tax system is supposed to be progressive (the higher the income the higher portion of it goes to the IRS.)
However, in the US the top 5% of the population pays about 11 percent effective tax rate while the middle class pays about 18%. Large corporations get to avoid paying taxes using complicated tax strategies. They hire sophisticated tax advisers who know the 15K plus pages tax code better than the IRS.

Enron increased profits from 96 to 99 for annual report purposes, but paid no taxes to the IRS during those years. IRS officials could not fight the Enron tax advisers.

Reference no: EM1375817

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