HistoryMath is incorrect. Know your tax ratesSat May 19, 2012 12:32pm188.8.131.52The income tax for Dan is 0-5.7% and for Darren (blessedly rich) it is 35%.
Thus for an income of $20K Dan pays $1k in taxes.
And for an income of $20M, Darren pays $7M in taxes.
The capital gain tax presently is 15%. If all Darren's income is from investments, then he pays $3M in taxes.
And "yes" we should be grateful that Darren was so successful to contribute so much more in taxes than Dan. To take even more from Darren to support ever greater taxation for socialist entitlement programs for populist political gain is wrong ethically and harmful to the American democratic way of life..
- Respectfully Disagree... Amadeus, Thu May 17 12:51pmThe tax rate is very relevant. Moreso than the raw amount that a person pays. Example: Dan is pretty poor. He makes $20k per year and pays $5K in taxes. Darren is filthy rich. He makes $20 million... more
- Math is incorrect. Know your tax rates History, Sat May 19 12:32pm
Religion and Ethics BBS