I was so elated to be able to pay my fair share that I had to post after seeing this. You can ignore my title here, it is not accurate. Never thought I would have to consider a tax shelter while making <$1mm a year. Yaaaaas Joe!! Go Joe Go!
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I guess someone can make a really good argument as to why paying 62% is a good thing and is actually fair.However, there is something inside me that just thinks it is wrong for anyone, no matter how much they're making, to pay more than 50% in taxes. 62 fucking percent is insane. hopefully there will be many, many loopholes if this shit goes through.
Anyone know a good way to dodge taxes?
Yeah but depends what you're trying to do. 1031 exchanges come to mind, something the Biden campaign has in its crosshairs.
Total self-own when this completely decimates the tax bases of blue states.
It'll be really interesting to see how the big blue states fair over the next 4-8 years if they keep this up. Texas and Florida are gaining by the hundreds of thousands every year it seems like, with a lot more physical land (not in the case of CA) and looser restrictions. Do you really think ALL wealthy liberals will stay liberal when you're taking >50% of their income while the expensive cities fall apart? I firmly believe there's a point at which taking someone's earnings wipes out any goodwill and flips who they'd vote for.
Didn’t something like this happen in France, the govt over there approved a 75% tax on the highest earners and it was discontinued like a year or two later.
It's almost like the entire leftist economic agenda has been tried... and proven not to work... odd.
Only keeping 62% of your pay is egregious. Taking 62% of your pay unconscionable.
I hope no one here thinks that the top federal rate will be 60%. The top federal rate would revert back to 39.6, which would eliminate the Trump tax cut for high income earners. For people earning over $400,000, the top rate would go from 37.0% back to 39.6%. Historically, the top federal rate has been much higher than the 39.6% which is in the plan.
people who fall for click bait and the 62% numbers.... if you're in finance and you think that people in the top tax bracket ever pay statutory tax rates please leave the finance industry
I mean plenty of high-earning W2s do? Or name some of the many tax write-offs available to a single guy in NYC working in IB / S&T... would love to know
Sure, capital gains are lower (though debatably double taxation already)
you get the standard deduction that already drops you're effective tax rate before any additional deductions don't you?
I’m in the finance industry and my W2 pay is significantly over the top rate. Now you can say on all of your compensation how does it average out (I.e. capital gains), but the majority of my pay is W2.
That’s not to comment on the particular. Just letting you know that it definitely happens at those levels (cash compensation on W2).
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