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To: Toddsterpatriot
"I can't see where a man makes $50,000 a year pays as much taxes as somebody that makes $300,000 a year."

The $50K a year guy is probably employed by a $300K a year guy.

2 posted on 02/22/2015 8:29:55 AM PST by Right Brother
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To: Right Brother

“I can’t see where a man makes $50,000 a year pays as much taxes as somebody that makes $300,000 a year.”

If a $300,000 per year guy earned 100% of his income in capital gains, and was taxed at the 20% capital gains rate, he would pay $60,000 in federal income tax on his gross income. A $50,000 earner taking the standard deduction is taxed at a 15% rate. Assuming the entire $50,000 is taxed at 15% the most he could pay is $7,500 in federal taxes.

It is hard to conceive of a scenario where someone earning $300,000 per year pays less taxes than someone earning $50,000.


15 posted on 02/22/2015 8:41:31 AM PST by Soul of the South (Yesterday is gone. Today will be what we make of it.)
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