Quote:
Originally Posted by ResAlien
It’s not 91% on your income, it’s 91% on the amount of income that falls within that bracket. So theoretically if your income was 10 million and the top marginal rate was 91% for income over 9.9 million you’d pay 91% on 100k if I’m remembering how taxes work. Taxes are fun.
Edit: peter’s response is a good indicator though why talking to voters about taxes is a bad idea. If someone like peter who fancies himself as intelligent doesn’t understand it how can you expect some American public school educated bumpkin you grasp anything? Hell I’ve paid American taxes my entire working life and I’m still spotty on bits and pieces.
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I never fancied myself as intelligent. What I was getting at is what is the incentive for moving into a higher bracket. Obviously millionaires weren't reduced to paupers, but they were disincentivized from making more money - ie. taking risks with their fortune which is actually good for the economy and workers, generally.