Millionaires' Effective Tax Rate Has Been Cut by Half Since Mid-20th Century

Re:Millionaires' Effective Tax Rate Has Been Cut by Half Sin... by CraigRo on Tuesday April 16, 2024 @10:38PM (#40059853)

I know of an airport, a bunch of hunting and fishing lodges, teams of housekeepers, etc. that basically allowed the executives of a fortune 500 company to live a pretty amazing life as if they owned an estate without actually paying for any of it.

As soon as marginal tax rates came down, these things got eliminated -- it was far more efficient to just pay people.

Likewise, smart people tend to marry other smart people. If one does well, the other got taxed at 90%. Guess what actually happened? She didn't work. Huge huge loss for the economy.

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Re:Millionaires' Effective Tax Rate Has Been Cut by Half Sin... by 39896880 on Tuesday April 16, 2024 @10:43PM (#40059881)

>Huge loss for the economy

That’s fine. It’s okay for humans to choose to live their one and only life in a way that doesn’t directly benefit “the economy.”

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Re:Millionaires' Effective Tax Rate Has Been Cut by Half Sin... by CraigRo on Wednesday April 17, 2024 @02:13AM (#40061062)

If your husband works and hits the 50+% bracket, and you are younger and make less... You either have to make 3x what your nanny does before you even keep a dollar- any less and you are paying to work.

This is incredibly disheartening friends have complained about being involuntary housewives bc it would cost them too much to go to work

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Re:Millionaires' Effective Tax Rate Has Been Cut by Half Sin... by 39896880 on Thursday April 18, 2024 @08:26AM (#40075478)

The net might be less than the cost of a nanny at first, but kids do not need nannies, generally, when they go to school. If the spouse choosing to stay at home would prefer not to set their career back the 5-8 years (depending on how many kids) then that would still be worth it in the long run, salary wise.

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