The hidden tax: Average Americans pay a tax of 74% that they don't know about and isn't in the media
In American media, we hear a lot about the taxes that the wealthy want cut: Income taxes, estate taxes, and corporate taxes. What we don’t hear about is the largest tax the American labor force faces. This is the difference between what we produce and what we get paid.
Let’s call this the profit tax because it goes to corporate profits. This tax is taken from workers and redistributed to owners and shareholders. As tax day approaches, I wanted to highlight this hidden tax.