70% Federal?
As many have said, Federal isn’t the end of it.
After Federal, there’s State and local taxes.
In New York City, that’s another 13%, which leaves only 17% of the original 100%... and there’s still real estate tax and sales tax to be paid.
This is really a “jealousy cap” proposal to make sure no one makes outsize amounts of income.
What they really want... what this is the opening salvo for.. is a direct asset tax on wealth (other than real estate).
“This is really a “jealousy cap” proposal to make sure no one makes outsize amounts of income.”
Excellent post. Most do not understand ‘marginal rates’ Since the proposal is to tax dollars over $10M at 70%, common sense would indicate the ‘tippy top’ would stop economic activity at that level. (or change manner of gain into other forms of compensation.)