It'd just be cheap money even if that were true after inflation; and production would likely go down unless you somehow think that high-ass taxes would increase entrepreneurship.
WTF are you talking about. It's not a hard concept, whatsoever. Good gawd you need a win worse than chump. You're just making up in your mind at this point.that's exactly my point. so you dont know what marginal tax rates are either.
good to know. how does it feel then AOC knows more about tax policy than you do?
DarrinS maybe you can help him out tbh
Truth. Hyperinflation will do us in unless we eliminate the Fed.
you have no idea how tax brackets work. that's adorable.
let me spoonfeed you, bruh.
lets assume these are the only tax brackets
$0 through $9,999,999 - 20%
$10 mil plus - 50%
if somebody earned a total of 20 million, they would NOT pay 50% tax on their entire salary. their take-home would NOT be 10 mil.
instead, all of their income from 0 through 9,999,999 will be taxed at the lower 20% rate (2 mil in taxes on those earnings). all income EXCEEDING the 10 mil point will be taxed at the full 50% mark (5 mil in taxes on those earnings). so somebody earning 20 mil given the brackets above would pay 7 mil in taxes for an effective tax rate of 35%
you're welcome for the lesson, bruh. i'm glad AOC got you to learn something new today.
that's exactly my point. so you dont know what marginal tax rates are either.
good to know. how does it feel then AOC knows more about tax policy than you do?
DarrinS maybe you can help him out tbh
If there was some 70% tax bracket the "effective tax rate" would actually be lower, say 60%, which is still way too damn much, tbh.
that depends what proportion of your income was above the 10M mark. in anderson cooper's case, by the figures you have, that means he'd pay 1.4 mil in taxes on his income above 10 mil (70% of 2 mil). all other brackets kept equal, he'd pay roughly 3.66 mil in federal income taxes on everything else below 10M. so you're looking at just over 5 mil in taxes on a 12 mil salary which is about 41.6%
still, its clear derp is making the mistake you originally made, but unlike you, isn't acknowledging his mistake.
Why only 70%?
Hence why DarrinS was arguing for AC to take his income down below 10M and for me explaining exactly the same damn thing. You need to stop pretending people are making incorrect arguments; that or work on your comprehension. You just come off as desperate for a W, bruh.
let me spoonfeed you, bruh.
lets assume these are the only tax brackets
$0 through $9,999,999 - 20%
$10 mil plus - 50%
if somebody earned a total of 20 million, they would NOT pay 50% tax on their entire salary. their take-home would NOT be 10 mil.
instead, all of their income from 0 through 9,999,999 will be taxed at the lower 20% rate (2 mil in taxes on those earnings). all income EXCEEDING the 10 mil point will be taxed at the full 50% mark (5 mil in taxes on those earnings). so somebody earning 20 mil given the brackets above would pay 7 mil in taxes for an effective tax rate of 35%
you're welcome for the lesson, bruh. i'm glad AOC got you to learn something new today.
you make no sense. darrin calculated it as though Cooper would pay the full 70% rate on his entire 12 million salary. hence his claim that cooper would only be able to take home 3.6 million out of 12.Hence why DarrinS was arguing for AC to take his income down below 10M and for me explaining exactly the same damn thing. You need to stop pretending people are making incorrect arguments; that or work on your comprehension. You just come off as desperate for a W, bruh.
that is objectively incorrect.
Well, yeah, the actual effective rate would depend on how much over that bracketed amount you make. I haven't seen any insane brackets starting at 10M.
Tippy top brackets.
You gotta leave something to pay State tax, tbh
Not in Texas, beotch!
We have property tax tho. Mine is 10k. Sucks
can you please explain to derpy that your 3.6 mil calculation was an error. he seems to think you were totes accurate.Well, yeah, the actual effective rate would depend on how much over that bracketed amount you make. I haven't seen any insane brackets starting at 10M.
Tippy top brackets.
3.6 M is 30 percent of 12 M. It's exactly what the take home would be on a person taxed at 70 percent.
Today's Chump Lite.
If bracket starts at x amount, you have to pay y amount plus z percentage over x amount.
I WAS WRONG. SUE ME.
3.6 M is 30 percent of 12 M. It's exactly what the take home would be on a person taxed at 70 percent.
Dude. No. Just stop
you're refusing to learn about marginal tax rates.3.6 M is 30 percent of 12 M. It's exactly what the take home would be on a person taxed at 70 percent.
ocasio cortez never said 70% would be a flat tax rate. she said it would be for income above 10 million. if somebody earns 12 million, their "income above 10 million" would only be 2 million. so only that last 2 million would be taxed at the 70% rate. the first 10 million would all be taxed at the lower rates pursuant to those brackets.
the rule of thumb is you never take home less money for earning more money, no matter what the tax brackets are
im sorry manIf bracket starts at x amount, you have to pay y amount plus z percentage over x amount.
I WAS WRONG. SUE ME.
its just funny to see derp go back to your original post and claim it's completely accurate
The tax code is already progressive enough, imho.
disagree, imo. the highest bracket being at 500k+ is pretty evident of that.
That bracket screwed me last year, but that was a one-time event.
How many brackets should there be?
congrats tbh always nice to see you take opportunities to discuss your wealth.
maybe splits can share his W2's again and you guys can have a chat
well, the more brackets there are, the more seamless the curve would be, but it would also complicate forms more. and we all know we want to fit on post cards.How many brackets should there be?
it's not necessarily that we need x amount of brackets... its that we need enough to cover all ranges of earners. somebody earning 50 mil shouldnt be taxed at the same (roughly) effective rate as somebody earning 5 mil. but they are. whether the number is 5 mil, 15 mil, or 50 mil, there should be something to account for exorbitantly high earners.
Big inherited IRA but a modest house.Not in Texas, beotch!
We have property tax tho. Mine is 10k. Sucks
cool...
You're wrong, bro. But do what you do.
Given your occupation, you're going to be in top tier brackets on the regular. I only had it once because of a stock option.
I predict you'll become more conservative on tax policy, when it starts affecting you.
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