Quote:
Originally Posted by gloinz
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not enough to keep our country floating when their income rises 250~% and they only are charged 10% more
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the simplest way to define the problem: as inflation and possible earnings increased the tax brackets did not follow.
If the top bracket doesn't go above $379,000 then any money over that is only taxed at 35%. With the right deductions that becomes next to nothing. No extra taxes paid on monies above $379,000 when there are people making $6+ mil a year. This goes for corporations as well as individuals.
At the low end, if you accidentally make a few more bucks a year ($34,500 vs $40,000, 15% vs 25% respectively) you can end up getting taxed at a much higher rate on those few thousand extra you made... Why isn't this happening at the top end? Because no one expected $12mil in stock options and $6-8mil in annual income.