Re:Our Broken Economy, in One Simple Chart
by walterstucco on Tuesday August 08, 2017 @05:17PM
(#14962808)
Progressive only means that you pay more on the part exceeding the previous bracket
So 98% at the higher level means 98% only on the amount exceeding the previous one.
For example if we set a taxation of 99% over 1 billion dollars, you pay 99% only the parts exceeding that limit
Assuming you earn 1 B and one dollar, you pay 99 c. more taxes, and that's it
It is a simple way to discourage accumulation of improductive wealth
Second: the bulk of state taxes income is not from salaries it's from corporate taxes, but corporation are very good at avoiding them.
For example if we set a taxation of 99% over 1 billion dollars, you pay 99% only the parts exceeding that limit
Assuming you earn 1 B and one dollar, you pay 99 c. more taxes, and that's it
It is a simple way to discourage accumulation of improductive wealth
Second: the bulk of state taxes income is not from salaries it's from corporate taxes, but corporation are very good at avoiding them.