Quote:
Originally Posted by IllTestYourGirls
What would be a fair income tax on anyone making over $250,000 to $500,000. This is for USA.
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your poll is pointless because you have no idea how the income tax structure of the US works. For example the highest tax bracket is 35% now say you're in the tax bracket( $358K in TAXABLE income for single person ). well first all no all your income is taxable so it's possible to make more than $358K and not be in the highest bracket. Secondly you're not paying 35% taxes from dollar $1 to $358K the 35% only applies to income ABOVE $358K. Even hose making $1 mil only pay 10% on their first $8000 just like poor people for example.
Now take a single person no dependants. Since he qualifies for $5500 standard deduction and $3500 personal exemption the first $9000 if his income would be exempt from income taxes. So in order for him to be in the highest tax bracket he would actually have to make at least $367K assuming he takes no further deductions. So say he makes that. Ok so now even though he's in the "35%" tax bracket his actual income tax would be $104K which is 28% of his gross income of $367K.
Of course is all his income comes from capital gains he only pays 20% even if he makes $100 million a year. I'm sure the guy who is makes $150K at an actual job appreciates some billionaire is paying a lower % in taxes than him.