The 1% hide their money offshore, then use it to corrupt our democracy

Re:The 1% hide their money offshore, then use it to corrupt ... by dsharlet on Monday April 11, 2016 @12:27PM (#11472728)

We absolutely do know that. Even without any aggressive tax avoidance schemes, if you have a significant investment income, you probably pay an effective ~15% tax rate [1] [2]. I can pretty much guarantee you that most of the people named are in this bucket.

If you earn a salary that puts you in the literal 1%, you probably pay an effective tax rate of 30-50%. I don't know how low your income needs to get to reach a 15% tax rate on income, but it's really low.

1. http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-...

2. http://www.csmonitor.com/USA/Elections/President/2012/0119/U...

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Re:The 1% hide their money offshore, then use it to corrupt ... by pc86 on Monday April 11, 2016 @03:30PM (#11474437)

Since I graduated college my income has increased from ~$28k to over $100k. My effective tax rate has only increased. When I was earning in the mid $30k's it was about 4%. Last year was 12%.

> I don't know how low your income needs to get to reach a 15% tax rate on income, but it's really low.

I was below 15% in the low $70k range for sure. We'll see what it is this year.

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