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Old 08-21-2020, 6:54pm   #22
Mick
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Originally Posted by Mick View Post
Are you talking to me?
Well, in case you are, I will respond thusly.

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Originally Posted by z06psi View Post
What rate is justified for government to take?

For earners over 250K of net income we pay an effective Income Tax rate of around 20% to Federal.

If you take the payroll tax of about 8% and then all the local and state taxes I am around 40% paid to the government.
I don't really understand this part of your question. Single earners with a $250K taxable income would pay about 25% of their income to Federal Income tax. The rate would only be going up from there as they continue to move through the 35% rate, and into the 37% rate. A single earner with $1 million in taxable income would pay 33% to Federal Income Tax with current tax rates.

SS tax ends at $137,700 in 2020, effectively lowering the effective overall tax rate on earnings beyond that threshold.

The 20% rate makes no sense to me, and I struggle to figure out exactly what you are looking for.

Quote:
Part 1
You must answer with a rate.

20%, 40%, 60%, 80%?
I thought I answered this question directly, that over 50% is unjustifiable.

When you answer that question continue to part 2.

Quote:
Part 2
At what percentage does the American population not accept it?
At what percentage does the American Millionaire population just leave?
I am sure I don't understand this question. Lower income earners ALWAYS feel like "the rich aren't paying their fair share", regardless of how much the rich pay on a dollar basis or a percentage basis. The whole "socialism" movement currently underway is fueled simply by low productivity people who want nothing more than to see oodles of cash taken from the billionaires in our country, and presumably, paid to them through government handouts. You could tax the incomes of billionaires at 99%, and the ne'er do wells at 0%, and as long as those rich people are still worth a billion, the takers will demand that the government take more from them.

I worry little about the super-rich leaving the USA. It has become quite obvious that a huge amount (maybe basically all?) of our so-called leaders have been bought and paid for. They will not pass legislation that will cause their sugar-daddies to abandon them.
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