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> There are a ton of deductions available to reduce taxable income. FTFY. They wouldn't today, either.
by cottonseed 11y ago
> There are a ton of deductions available to reduce taxable income.
FTFY. They wouldn't today, either.
- refurb 11y agoI think your comment is a bit cynical, but I can't disagree. There are many ways to make money and if the gov't decides to tax one more highly, the money just shifts to the low tax routes. The gov't eventually clamps down and the process starts all over again. Hell, the reason the US has employer sponsored healthcare is because there were wage caps during WW2. So what did companies do? Compensate with something other than wages.
- cottonseed 11y agoI'm just looking at the data. In 2010, the top tax rate was 35%. The nominal tax rate for 1% earners (over $1.4M) was 20% [0]. [0] https://en.wikipedia.org/wiki/Income_tax_in_the_United_States#Effective_income_tax_rates https://en.wikipedia.org/wiki/Income_tax_in_the_United_State...