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Bonn1997

(1,675 posts)

57. Many people have no idea what a marginal tax system is

Thu Mar 18, 2021, 05:01 PM

Mar 2021

It is part of our country’s statistical illiteracy. I’ve heard many people, including commentators, talk about the idea that you can keep more money sometimes if you earn less because it keeps your tax rate lower. That of course is not possible.

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"Name a Country Where 70% Tax Worked" [View all] FoxNewsSucks Mar 2021 OP

Actually it was 1981 was when Raygun started fucking the country. rickyhall Mar 2021 #1

Including taxing social security. dhol82 Mar 2021 #2

And they've never stopped trying sandensea Mar 2021 #26

Excellent graphic! calimary Mar 2021 #36

Thanks sandensea Mar 2021 #37

LOVE this one, too!!! calimary Mar 2021 #39

Mind if I borrow that? nattyice Mar 2021 #42

That's one of my favorites! It's so true. CaptainTruth Mar 2021 #50

This framing always irks me moose65 Mar 2021 #3

True, whoever made this left out the word "marginal" FoxNewsSucks Mar 2021 #4

Right, but wryter2000 Mar 2021 #10

"Marginal" wasn't mentioned originally (when Dell was told at once the US had the rate up to 1980) muriel_volestrangler Mar 2021 #31

We worship rich guys and pretend they know about things they have no idea about Johnny2X2X Mar 2021 #47

That's why so many vastly overestimate how much they pay in income tax. Mariana Mar 2021 #5

Mitt Romney's was 14%. Grins Mar 2021 #41

Romney intentionally overpaid tax that year Mariana Mar 2021 #48

Either percentage, the 9% or 14% are less than my effective rate. Caliman73 Mar 2021 #60

Thank you x 1000 Ferrets are Cool Mar 2021 #11

Exactly! Glaisne Mar 2021 #34

-- soldierant Mar 2021 #56

And every tax giveaway to the rich is called a "jobs bill". louis-t Mar 2021 #58

Back in the day, EVERYTHING was a deduction. WarGamer Mar 2021 #6

Wrong. Many of today's deductions are fairly new. PSPS Mar 2021 #9

Good reading for you WarGamer Mar 2021 #12

You're conflating marginal tax rate with average tax rate. SunSeeker Mar 2021 #18

I'm conflating nothing. WarGamer Mar 2021 #20

Yes you are conflating it, and you're citing 2016 stats. I cited 2019 stats. SunSeeker Mar 2021 #25

Hardly... WarGamer Mar 2021 #33

This message was self-deleted by its author SunSeeker Mar 2021 #52

Your 2016 stats were rendered irrelevant by Trump's 2017 tax cuts for the rich. SunSeeker Mar 2021 #53

Also, the Federal income tax isn't the whole picture. PETRUS Mar 2021 #44

Yup. Payroll taxes, sales taxes, utility/use fees, etc. are how the poor get soaked with taxes. SunSeeker Mar 2021 #51

I was heavily involved in taxes at that time twodogsbarking Mar 2021 #62

No one ever mentions that those high rates are *marginal* tax rates. tblue37 Mar 2021 #7

In 1952...The top 1% of earners paid an average 32% rate. WarGamer Mar 2021 #14

Many people have no idea what a marginal tax system is Bonn1997 Mar 2021 #57

Very few people would pay a 70% income tax. Calista241 Mar 2021 #8

Would it be possible to make multiple capital gains tax rates? jmowreader Mar 2021 #13

YES!! One of the best ideas... WarGamer Mar 2021 #15

A lot of CEO's are of the age to take social security. Calista241 Mar 2021 #16

Right, Wealthy people need to pay more taxes for sure JI7 Mar 2021 #28

I'm curious, how much do you think they need to pay? OnlinePoker Mar 2021 #46

what was the top 10% share of GROSS income? Moostache Mar 2021 #49

Their gross income was 46.6% of all gross income earned that year. OnlinePoker Mar 2021 #55

Or treat all incoming money from whatever source as basic income. OnlinePoker Mar 2021 #45

In some cases, the capital gains rate is a useful tool jmowreader Mar 2021 #54

So tax capital gains at the same marginal rates that person would have for income muriel_volestrangler Mar 2021 #35

How can anyone be so uninformed as to make comments like that? BobTheSubgenius Mar 2021 #17

The 1982 top marginal rate was 50 percent. roamer65 Mar 2021 #19

Tax the rich baby ZonkerHarris Mar 2021 #21

And Republicans Call That Time In Our History "The Good Old Days" ChoppinBroccoli Mar 2021 #22

The rich hated it because their net worth wasn't keeping up with inflation Warpy Mar 2021 #23

Let's also look at the distribution of those rates. JHB Mar 2021 #24

This. NoMoreRepugs Mar 2021 #27

Do A Little Research Mr. Dell colsohlibgal Mar 2021 #29

The following companies had effective rates of 0% or less, according to the report: UpInArms Mar 2021 #30

not a good meme, the effective tax rate was never that high Amishman Mar 2021 #32

Uh...this one Picaro Mar 2021 #38

I never buy Dell and never will. Thanks for reminding me. /nt bucolic_frolic Mar 2021 #40

I'm sorry. Aussie105 Mar 2021 #61

People built companies and did massive R&D in those days JCMach1 Mar 2021 #43

Dell's brain is controlled by his spite for taxes and regulation. KY_EnviroGuy Mar 2021 #59

It depends on how one defines "worked." And Republicans have a different definition. Beartracks Mar 2021 #63