Tax rate for that income level used to be 91% back in the 60's, so any complaints about today's rates for the rich are childishly ludicrous.
The Medicare "increase" (return to previous norms) is .9% and only affects the portion of your income that is over $200,000 yr. $86 Billion: Hike in Medicare Payroll Tax (Takes effect Jan. 2013): Current law and changes: Current Law First $200,000 ($250,000 Married) Employer/Employee 1.45%/1.45% 2.9% self-employed All Remaining Wages Employer/Employee 1.45%/1.45% 2.9% self-employed Obamacare Tax Hike First $200,000 ($250,000 Married) Employer/Employee 1.45%/1.45% 2.9% self-employed 1.45%/2.35% 3.8% self-employed
This is a childishly ludicrous argument because you're ignoring the crazy levels of deductions that have accompanied those high tax rates. Not to mention that $200k today is SLIGHTLY different than $200k in the 60's. Learn a little, then post.
Nobody paid 91% due to real estate scams (among others). Not even close to 91%. In fact, the rich paid $0 because of depreciation expenses. But you know better.
MARIS, your numbers look legit, but how does moving a small portion (about 3% or so) of taxpayers .9% upward on their income over 200k get $86B? Is that a 10-year projection or something? And would you concur that even if the 86B is correct (and it's per year) that it's still only paying 10% of the Medicare/caid overruns?
That's 'cause you're one of those glass-is-half-empty kind of guys. It's .9% of the portion of your income that is over $200,000 yr. So $900 extra this year if you make $300,000.
This thread is reminding me of an image the Wall Street Journal used earlier this month: http://online.wsj.com/article/SB100...0.html#project=WEALTH0105&articleTabs=article The sadness in their faces really gives you an idea of the anguish and struggle these tax hikes have on these unfortunate hypothetical souls. LOL
I don't know about that graphic. I would expect someone making $230K to have way more than $35K in deductions. Like a mortgage payment of $10K/mo.
You think it's a great post because it agrees with what you already believed... and both are false / misleading. We've talked about the so-called 94% tax bracket before and it is meaningless without discussing the deductions that were available at the time.
