TimeForGuinness wrote:I've never known anyone who doesn't want to be a millionaire because they get taxed too much.
(Obligatory, I'm just kidding)
Buffet's been saying it for years; 11/26/2012 http://articles.latimes.com/2012/nov/26 ... a-20121126
"Suppose that an investor you admire and trust comes to you with an investment idea," Buffett wrote in an opinion article Monday in the New York Times. " 'This is a good one,' he says enthusiastically. 'I'm in it, and I think you should be, too.' "
"Would your reply possibly be this? 'Well, it all depends on what my tax rate will be on the gain you're saying we're going to make,' " Buffett continued. " 'If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1%.' "
Buffet said such a response exists only in the imagination of Grover Norquist, president of the fiscally conservative Americans for Tax Reform, whose group asks lawmakers to sign a pledge never to increase taxes in exchange for its support.
cardsfansince82 wrote:When you combine state and federal you can approach 50%, but only if it's all wage income
These are statutory rates though. State income taxes, I believe, are tax deductible on the federal level. Same with things like property taxes on vehicles. Not to mention mortgage interest deductions, standard deductions, charitable donations, etc etc. Not to mention payroll taxes ~16% capped at $118k this year. Effective income tax rates in America are much lower than their statutory rates.
I'd be surprised if a single person earning $1 million a year is paying $500k a year in income tax.