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Tax paradox as the rich dodge taxes via non taxable securities
The piece argues the federal tax system shifts burden from millionaires to average earners. Mellon notes rising total income taxed while millionaires evade via tax exempt securities. Inheritance and estate data show growing use of tax exempt investments, reducing surtaxes paid by those earning 300000 or more and forcing smaller income groups to bear higher taxes.
MENTIONED IN THIS ARTICLE
Mellon
Treasury Department
Internal Revenue Bureau
United States Treasury