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Touchdowns, Taxes, and Tactics

Far Middle episode 192 arrives as most of the US shivers amidst a polar vortex. Nick begins by coincidentally noting that 54 years ago tomorrow marks the day when Prospect Creek Camp, Alaska, experienced the lowest temperature ever in the United States, -80 degrees.  Beginning this week’s connections, Nick shifts from bitter cold to the intense heat of the march to Super Bowl LIX as only four teams remain. With less than three weeks until Super Bowl Sunday, Nick offers this episode’s sports dedication to the American Football League (AFL). The AFL operated from 1960 to 1970 before merging with the National Football League (NFL). While the fourth major attempt to compete with the NFL, Nick explains the factors and tactics that led to the AFL’s success; its exciting, offense-oriented style of play alongside TV contracts helped the league survive and eventually thrive. The AFL's history includes football legends like Joe Namath (https://nickdeiuliis.com/always-seeking/)  and Pete Rozelle (https://nickdeiuliis.com/transformati...) , who were honored in previous Far Middle sports dedications (episodes 106 and 146). Nick then shifts to a frequent Far Middle subject, tax policy. “With so much talk these days centered around making sure that individuals and businesses, particularly those making the most, pay their fair share of tax, I thought it would be interesting to move away from the rhetoric and focus on the objective math,” says Nick. Looking at the federal tax system and its progressive structure, Nick notes that in 2022, the top 1% of income tax filers provided over 40% of federal tax revenue, while the top 10% shouldered over 70% of the total tax burden. “Yeah, the reality is that one filer out of every hundred is providing more than 40% of income tax revenue,” says Nick. “And that top 1% is about one-and-a-half million tax returns. That group comprises over 22% of the nation's total reported earnings.” On the topic of paying one’s fair share, Nick also analyzes the tax-exempt status of large non-profit organizations. He points out that in 2019, tax-exempt nonprofits generated over $3 trillion in income and held $8 trillion in assets. The episode concludes with a discussion of global demographic trends, comparing and contrasting China's response to the declining working-age population to that of Japan, Europe, and the United States. He highlights China’s Belt and Road Initiative, which is helping solve its demographic problems while also expanding its global influence. As time expires on episode 192, Nick shares his appreciation for the 1970s TV show "Barney Miller” (which premiered 50 years ago this week) and follows with a closing thought on personal motivation by referencing a line from Ayn Rand’s The Fountainhead.