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Really rich people are suddenly paying quite a bit more in taxes

washingtonpost.com

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Re: Really rich people are suddenly paying quite a bit more in taxes

#11

Post by SlowComputer »

gopi wrote: post #8

Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world. If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%

I live in California. I'm not "super rich" but we earn more than $1MM/year.

For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes. In reality, only high earners pay taxes. And high-salaried people are getting screwed under Obama's war against the most productive citizens.

Re: Really rich people are suddenly paying quite a bit more in taxes

#12

Post by bobby_9x »

anu_gupta wrote: post #2

Good. About time some of these people paid their fair share instead of exploiting loopholes that they can access because they have so much wealth.

The top 10% pay over 80% of the federal taxes in the US. This, combined with one of the highest corporate tax rates in the world means they are already paying more than their "fair share".

Re: Really rich people are suddenly paying quite a bit more in taxes

#13

Post by chongli »

SlowComputer wrote: post #11
gopi wrote: post #8

Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world. If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%

I live in California. I'm not "super rich" but we earn more than $1MM/year. For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes. In reality, only high earners pay taxes. And high-salaried people are getting screwed under Obama's war against the most productive citizens.

You're caught in the middle ground. If you were a billionaire earning hundreds of millions per year you could afford to spend 10 million a year to hire a team of experts to hide all your money in the Caymans.

Re: Really rich people are suddenly paying quite a bit more in taxes

#14

Post by nitrogen »

SlowComputer wrote: post #11
gopi wrote: post #8

Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world. If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%

I live in California. I'm not "super rich" but we earn more than $1MM/year. For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes. In reality, only high earners pay taxes. And high-salaried people are getting screwed under Obama's war against the most productive citizens.

For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes.

If that were for all taxes, and the marginal rate was still better for lower incomes, I don't think that sounds so bad. Sure, we humans always want to keep more of our hard work for ourselves, but pragmatically speaking I'd be okay if my marginal rate at 7 figures (which I'm nowhere near) was 53% in exchange for the societal stability and upward mobility my taxes could enable.

Re: Really rich people are suddenly paying quite a bit more in taxes

#15

Post by nyolfen »

SlowComputer wrote: post #11
gopi wrote: post #8

Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world. If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%

I live in California. I'm not "super rich" but we earn more than $1MM/year. For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes. In reality, only high earners pay taxes. And high-salaried people are getting screwed under Obama's war against the most productive citizens.

> I'm not "super rich"

Annual Income: 1,000,000

Your percentile is: 99.9%

Re: Really rich people are suddenly paying quite a bit more in taxes

#16

Post by skywhopper »

jmspring wrote: post #10

I'm not a Trump fan, and despite likely tax hits, his proposal of simplifying the tax code (as many have done before him), getting rid of the IRS (yes jobs lost, but really, I got a certified letter owing $0.51 and they were "too busy with this category to answer. click ") would be a positive thing. One short summary of his proposal -- http://www.thepoliticalinsider.com/donald-trump-unveils-his-... I think a pure fla…

The challenge of a "flat tax" is defining "income". It's not as easy as you think, and basic intuitive "fairness" will result in a lot of income being excluded. Given that today's graduated tax system results in top-earners paying lower percentages, a "flat" tax will surely be worse.

As for getting rid of the IRS, who will collect, administer, and audit the flat tax?

Re: Really rich people are suddenly paying quite a bit more in taxes

#17

Post by waybull »

jmspring wrote: post #10

I'm not a Trump fan, and despite likely tax hits, his proposal of simplifying the tax code (as many have done before him), getting rid of the IRS (yes jobs lost, but really, I got a certified letter owing $0.51 and they were "too busy with this category to answer. click ") would be a positive thing. One short summary of his proposal -- http://www.thepoliticalinsider.com/donald-trump-unveils-his-... I think a pure fla…

Tax "Simplification" will only happen if it's a massive giveaway to the wealthiest individuals and corporations. In any other case, it will be vigorously opposed by the most politically powerful individuals.

A wish for simplification is nice; but in reality, it simply won't happen unless it comes at the expense of people like us (the top end of the working class).

Re: Really rich people are suddenly paying quite a bit more in taxes

#18

Post by waybull »

SlowComputer wrote: post #11
gopi wrote: post #8

Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world. If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%

I live in California. I'm not "super rich" but we earn more than $1MM/year. For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes. In reality, only high earners pay taxes. And high-salaried people are getting screwed under Obama's war against the most productive citizens.

Odds that this brand new account is getting a million cash: basically zero.

Anybody who's getting a million cash is probably getting many millions through lower-tax vehicles (e.g. equity), and over the course of a decade has a much much lower effective tax rate.

Re: Really rich people are suddenly paying quite a bit more in taxes

#19

Post by [deleted] »

SlowComputer wrote: post #11
gopi wrote: post #8

Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world. If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%

I live in California. I'm not "super rich" but we earn more than $1MM/year. For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes. In reality, only high earners pay taxes. And high-salaried people are getting screwed under Obama's war against the most productive citizens.

[deleted]

Re: Really rich people are suddenly paying quite a bit more in taxes

#20

Post by njharman »

bobby_9x wrote: post #12
anu_gupta wrote: post #2

Good. About time some of these people paid their fair share instead of exploiting loopholes that they can access because they have so much wealth.

The top 10% pay over 80% of the federal taxes in the US. This, combined with one of the highest corporate tax rates in the world means they are already paying more than their "fair share".

If they own more than 80% of wealth then paying over 80% of the taxes is exactly fair.
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