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A. I think they are BSing
B. They aren't at the level that would be affected by this 70% bracket if they in fact are here
It depends. They sure know more than most other posters, and they've traveled around the globe much more. It could just be BS, but they know things about various foreign locations that aren't common knowledge. One wouldn't know unless they'd been there.
I am not saying that Alexandria Ocasio-Cortez is deliberately fooling you - she strikes me as a highly ignorant individual who has built a political career not on brain power but charisma combined with promising people free stuff from other people's money.
She is constantly factually wrong anytime she talks numbers.
If you add federal, state, and local taxes...the top 1% paid a similar effective rate in the 1950s (42%) as they do today (36.4%). Plus there are lots of little taxes that don't get scooped into those numbers that didn't exist in the 1950s or are bigger today...taxes for cable, taxes on your phone bill for 911, gas taxes, etc...
Correct, the top 1% pays a 43% average effective tax rate, plus more if all those other little taxes are added. The middle class, incomes from $40,000 to about $120,000, pay about a 26% average effective tax rate in local, state, and federal taxes. I posted the chart.
This means that in NY and CA, when you include state and local taxes, some people will be paying over 80% in taxes. Thats just absurd, regardless of how much money anyone makes. The federal government does not have the right to take 70% of anyone's income, taking ~30% is questionable, especially considering how wasteful they are with it.
What’s more absurd are the people who voted for her, what were they thinking, or smoking❓
And, the government will have no trouble wasting whatever addition monies they can collect❗️
It's hard to be sympathetic to the rich. They are in the same bracket as the middle class on the middle class income. As you know, the top tax bracket today is 37%, so those rich folks are not paying taxes on a whole lot of income.
That's because they're not taxed 100%. Their average effective federal individual income tax rate is 27%, and that includes taxes on capital gains. The middle class pays only about 7% to 10%, depending on how low of an income one includes in middle class.
This means that in NY and CA, when you include state and local taxes, some people will be paying over 80% in taxes. Thats just absurd, regardless of how much money anyone makes. The federal government does not have the right to take 70% of anyone's income, taking ~30% is questionable, especially considering how wasteful they are with it.
Like Donald Trump, Cortez is intellectually challenged!
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