Chris Brown's West Coast Customs Lambo

[webby]

$400,000 and up = 39.6% Federal Tax for 2013.
Then you have the state income tax which is going to change based on what state you live in. That income in Cali would equate to another 10% in state tax. Some cities, counties, and school districts levy their own separate income taxes up to 4% as well.

 

[hotshot]

50 years ago, a person making more than $400,000 paid 91% to Uncle Sam, which left them $36,000. At the same time, another person making $100,000 paid 75%, leaving them $25,000.

So even though the first person made 4x more than the second, they only ended up with 1.44x more than the second person after taxes.

Hardly seems fair.

eh, it wasnt necessarily like that. There were still "exemptions" like we see today. Then you have to account for inflation. $100k in the 30s and 40s was about a couple million today. Simply put, it made those high earners invest back in their businesses and what not if they wanted to keep their money, and that, along with a bunch of other factors is what drove the economy back in the day.

It doesn't seem fair on the surface, but even with the high tax rates, rich people were still doing rich people things and driving Rolls Royces and no one suffered as a result of those tax rates, and we enjoyed the strongest middle class the world had ever seen.

 

[hotshot]

I'm not one for political arguments but.. A poor person has never given me a job. Putting more money into an economy will always work out better than putting more money into a government. Spend away you rich people you, and don't worry the govt will still get its cut that's why we have sales tax and luxury tax

I don't like arguments either, but I always think it helps if people understand a little more about things like this...

I'm not sure what you do for a living, but I could bet a poor person has given you a job. ;-)

 

[hotshot]

$400,000 and up = 39.6% Federal Tax for 2013.
Then you have the state income tax which is going to change based on what state you live in. That income in Cali would equate to another 10% in state tax. Some cities, counties, and school districts levy their own separate income taxes up to 4% as well.

Don't forget about all the exemptions! It's not difficult to get a sub 20% effective tax rate if you're making that much.

 

[webby]

If he can get his yearly income - estimated 25 million (by some reports) to a 20% tax bracket.... then blame the loopholes in the tax system

Federal 2013 Rates
15% : $8,926 - $36,250
25% : $36,251 - $87,850

 

[bobshur]

I think Phil Mickelson said he will pay 55 percent this year total taxes,and that's not including Capitol gains taxes.i believe he lives in San Diego. That is truly not fair,also he pays state taxes in every state he competes in for the winnings he makes in each state.

 

[hotshot]

I think Phil Mickelson said he will pay 55 percent this year total taxes,and that's not including Capitol gains taxes.i believe he lives in San Diego. That is truly not fair,also he pays state taxes in every state he competes in for the winnings he makes in each state.

I guess we could debate "fairness" and moral relativism till we're blue in the face. Lol

 

[Pauly99to17]

Awful looking paint job!

Colours inspird by a Hot Wheels box?

 

[KennyGS]

eh, it wasnt necessarily like that. There were still "exemptions" like we see today. Then you have to account for inflation. $100k in the 30s and 40s was about a couple million today. Simply put, it made those high earners invest back in their businesses and what not if they wanted to keep their money, and that, along with a bunch of other factors is what drove the economy back in the day.

It doesn't seem fair on the surface, but even with the high tax rates, rich people were still doing rich people things and driving Rolls Royces and no one suffered as a result of those tax rates, and we enjoyed the strongest middle class the world had ever seen.

It was a much different world in those days. The only real spending that was occurring came from the U.S. No other country in the world was remotely close.

Today, the markets are worldwide. Spending in other countries is more closely matched to the U.S., and companies are less inclined to invest their money into U.S. resources.

Not to mention, 50 years ago, a person making $24,000 was taxed at 43%, and the lowest bracket was 20%. Comparatively, $24,000 is taxed at 15% today, and the lowest bracket is 10%.

 

[hotshot]

Not to mention, 50 years ago, a person making $24,000 was taxed at 43%, and the lowest bracket was 20%. Comparatively, $24,000 is taxed at 15% today, and the lowest bracket is 10%.

Keep in mind 24k is not the same thing today as it was 50 years ago.