Quote:
Originally Posted by Northendzone
So does this mean that these folks are going to pay about $825k in taxes and take home the rest?
Seems ridiculous that the government could take more from you than you get to earn.
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No, only the amount people make above $1.23M will be taxed at 75%. The rest of their income is taxed at lower rates.
For some historical context, from the 1940s until the 1980s, the tax rate for Americans in the top bracket (which started at $200k, not adjusting for inflation) was 70% or greater, peaking at a whopping
91% in some of those years.