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Posted by strikeout26 on 5/26/2018 11:37:00 PM (view original):
https://taxfoundation.org/2017-tax-brackets/
https://www.google.com/amp/s/www.fool.com/amp/taxes/2017/04/27/2017-california-income-tax-what-you-need-to-know.aspx
Right, so the upper limit is 40%. Exactly what I have been saying.
No, because you're ignoring state income taxes.
We have been debating the federal income tax.
Nope, we have been the debating the amount that high income earners pay to the government.
I haven't.
Lets simplify this.
I make $10mil per year. I am taxed at 40%, so I take home $6mil. I give $500k annually to charity. How much more do you want me to pay?
Even if you make a billion dollars a year you don’t actually pay 40%.
But, yeah, I’d be cool with taxing 99% of all taxable income over $10M per year.
So if your taxable income is $11M, your take home in 2018 is $6,344,000.
If you make $12M, you keep $6,354,000.
$13M, $6,364,000. etc.
I find this to be frightening. This takes away all the incentive to be exceptional.
The only upside is that it will put all of the Ivy League and the like out of business.
How does that take away incentive to be exceptional?
?
There is no MSFT of Amazon thats how. Man you are dumb.
So Bill Gates would just not have started a software company in his garage if the marginal tax rate on personal taxable income over $10M was 99%?
What makes you say that?
Bill Gates would not have taken it public. What is the point?
Answer my question. Should Steph Curry be taxed at 99% for 75% of his annual salary? Should he not do any endorsements?
Your idea is NOT capitalism.
I believe Sweden has a 90% tax rate but everything is free in terms of medicine, education and retirement income. The wealthy there move elsewhere and establish their homes there. Monaco, USA, etc.
Your idea is Leftist Lunacy.