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It's not 70% effective rate, it's 70% marignal rate on dollars over $10,000,000
That has been made clear over and over again to the folks crying about this. It does bear repeating however it seems to make little difference to the true believers.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,587,616 times
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Quote:
Originally Posted by DRob4JC
Pro-athletes sign their first big contract on a regular basis.
Naomi Osaka has won her first two tennis Grand Slams in a 4 month period at the age of 21. I know the US Open check was in the neighborhood of $4M.
There are people who appear on the program "Shark Tank" and end up having a successful business through their own hard work.
Many people are constantly moving in and out of the "rich" category... which is why I take issue when you say non-rich people will "never" be affected by taxes on the rich.
Ms. Osaka's first big windfall - instead of $4M, would be $1.6M... just because you think she doesn't need it.
Uh, no because $4 million falls below the $10 million bracket, where this would kick in. Learn how marginal brackets work
Do you know how marginal brackets work? It's not a 70% effective rate
As I mentioned upthread, if you just take the raw numbers it works out to about a 33% increase on the income that is above $10M. Hire a good tax person and you won't even see that much of a hit.
It's too bad AOC didn't frame it like that, it would have made things much clearer but I understand why she did so. It was to make a statement. Rookie mistake.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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Quote:
Originally Posted by Chowhound
So many people are just wimps for lack of a better term. Big government nanny state is what some people want. Whatever happened to having a spine, going out and getting yours. Being a man and earning your own way. We've turned into a nation of damn candy asses.
The problem is that the vast majority can't earn enough dollars for their labor to pay for healthcare or housing (in parts of the country that actually have jobs). Capital is getting more valuable than labor. I don't see it getting better without some government intervention
As I mentioned upthread, if you just take the raw numbers it works out to about a 33% increase on the income that is above $10M. Hire a good tax person and you won't even see that much of a hit.
It's too bad AOC didn't frame it like that, it would have made things much clearer but I understand why she did so. It was to make a statement. Rookie mistake.
Then what's the point?
Other than to present the optics that you're sticking it to those evil rich people?
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,587,616 times
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Quote:
Originally Posted by lionking
Well show us. Show us the innovative life and world changing things that come from those countries where people immigrated to better their lives and chase their dreams?
Show me and I'll yield that I was wrong.
In the meantime I can make a long long list where people immigrated to America and became wealthy and extraordinary because they were allowed to be a individual and profit from their dreams WHILE giving something back to others.
Germany is doing better than us in quite a few industries.....
Other than to present the optics that you're sticking it to those evil rich people?
Are you still online? Where's that righteous indignation about not conforming to social contracts thrust upon you? Only supporting taxes for constitutional necessitates?
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