Quote:
Originally Posted by Fuzz
I'm saying just because the tax rate is 40%(or whatever), it's not like they are paying that. Anyone making that kind of money is going to use whatever methods they can to reduce below the 40%. Yes, it's all legal, but it also means throwing out that they pay 40% is not really accurate. And yes, it also applies to the person making 50k not actually paying what their tax bracket puts them at.
I have no idea what the rich actually pay, but I'd be pretty blown away if they actually pay out near the highest rate they could theoretically pay.
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So wait you have no idea, but you just use your gut feel as if it's fact to argue your stance?
As already pointed out by another poster, there's only a finite number of levers you can pull to reduce your tax burden. Even if all are exercised to the full degree, it's still north of 40% in taxes here in Canada for high income earners.