aid632007
07-02-2011, 05:39 PM
What if tax brackets worked this way why can't the rich pay 70% on the first few 000 dollars too flat rate please help me understand if the Rich paid 70% or 91% on their first few 000 dollars too would still have millions or billions left over how many millions or bllions would they have left over without the use of tax loopholes and or offshore tax havens what if the Progressive Tax System worked this way ?
Example
Imagine that there are three tax brackets: 10%, 20%, and 30%. The 10% rate applies to income from $1 to $10,000; the 20% rate applies to income from $10,001 to $20,000; and the 30% rate applies to all income above $20,000.
Under this system, someone earning $10,000 would be taxed at a rate of 10%, paying a total of $1,000. Someone earning $5,000 would pay $500, and so on.
Meanwhile, someone earning $35,000 would face a more complicated calculation. The rate on the first $10,000 would be 10%; the rate from $10,001 to $20,000 would be 20%; and the rate above that would be 30%. Thus, he would pay $1,000 for the first $10,000 of income; $2,000 for the second $10,000 of income; and $4,500 for the last $15,000 of income; in total, he would pay $7,500, or about 21.4%.
http://en.wikipedia.org/wiki/Tax_bracket
When the Progressive Income Tax Rates were high were the Rich or the Wealthy people still Rich did they still have more money than the average person or citizen they still had money left over ?
The logic of Taxing the Rich, and Why Dems are Afraid to Use It
Wednesday, October 17, 2007
Well, the highest marginal tax rate under Republican Dwight Eisenhower was 91 percent. It dropped under JFK to the 70 percent range.
http://robertreich.org/post/257309173
Example
Imagine that there are three tax brackets: 10%, 20%, and 30%. The 10% rate applies to income from $1 to $10,000; the 20% rate applies to income from $10,001 to $20,000; and the 30% rate applies to all income above $20,000.
Under this system, someone earning $10,000 would be taxed at a rate of 10%, paying a total of $1,000. Someone earning $5,000 would pay $500, and so on.
Meanwhile, someone earning $35,000 would face a more complicated calculation. The rate on the first $10,000 would be 10%; the rate from $10,001 to $20,000 would be 20%; and the rate above that would be 30%. Thus, he would pay $1,000 for the first $10,000 of income; $2,000 for the second $10,000 of income; and $4,500 for the last $15,000 of income; in total, he would pay $7,500, or about 21.4%.
http://en.wikipedia.org/wiki/Tax_bracket
When the Progressive Income Tax Rates were high were the Rich or the Wealthy people still Rich did they still have more money than the average person or citizen they still had money left over ?
The logic of Taxing the Rich, and Why Dems are Afraid to Use It
Wednesday, October 17, 2007
Well, the highest marginal tax rate under Republican Dwight Eisenhower was 91 percent. It dropped under JFK to the 70 percent range.
http://robertreich.org/post/257309173