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>Some people think it's unfair for millionaires to be "taxed at a higher rate" when they've "earned their money." I wonder if they would still feel that way if
by Ntrails 11y ago
>Some people think it's unfair for millionaires to be "taxed at a higher rate" when they've "earned their money." I wonder if they would still feel that way if they understood the millionaire is paying the same rate as everybody else for the first $75k, for example.
In the UK at least once you go into the 45% super high earner bracket (150k I think) - you'll start to lose your tax free allowance which means you do actually pay more tax on the sub threshold income. Obviously it's still designed to ensure no one ever goes over 100% marginal tax rate (where you'd actually lose money by earning more).
- Tenhundfeld 11y agoInteresting. I should have said "... in the United States." I know very little about taxes in other countries.
- gchadwick 11y ago> In the UK at least once you go into the 45% super high earner bracket (150k I think) The personal allowance decreases by £1 for every £2 you earn over £100k. Combined with the existing income tax this is equivilent to having a marginal rate of 60% on earnings between 100 and 120k.