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Its difficult to define terms like ultra rich and middle income earner, but my guess is that if you increased the top marginal tax rates such that rate on the "
by ac29 5y ago
Its difficult to define terms like ultra rich and middle income earner, but my guess is that if you increased the top marginal tax rates such that rate on the "ultra rich" was something like 70% (including capital gains, etc), you could completely eliminate taxes for the bottom 50%.
- mrep 5y agoThe top 1% earners earned 21% of all U.S. income while paying 40% of all federal income taxes [0]. I would guess going from 50% to 70% would increase that share to would increase that percentage to 58%. [0]: https://www.heritage.org/taxes/commentary/1-chart-how-much-the-rich-pay-taxes https://www.heritage.org/taxes/commentary/1-chart-how-much-t...
- ac29 5y agoOld comment here, but I was assuming not just income tax to increase, but also to have capital gains, dividends, etc to be taxed at 70%. Current cap there is 20%, per my understanding, and a substantial amount of wealthy person's income is taxed at these favorable rates.
- deleted 5y ago[deleted]
- School-Cotton 5y agoCan you show how you calculated that?