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 Originally Posted by Lukie
what are people paying above 1 million now? 35% federal income tax + payroll taxes (capped) + state + local? Isn't that close to 50% already for someone making $1m/year? Heck pre-Bush tax cuts it is probably right around that 60%.
I don't think the current sytem is as bad as you make it out to be. Perhaps closing some particularly egregious tax loopholes would be a good start.
edit: I am not an economist and am not claiming to know what an ideal top tax rate is
Exemptions and capital gains. I think it's accurate to say that the majority of enormous earnings come in form of capital gains, which are taxed low. Regardless, big earners avoid sooooooooooo much taxation through exemptions. I believe it was Warren Buffet who said he pays a lower rate than his secretary
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