TehBamski@lemmy.world to ExMormon @lemmy.worldEnglish · 2 months ago9 Years ago, one of my good buds who was still practicing Mormonism, posted this to FB and I still can't wrap my head around how the hell he honestly thought this was true.i.imgur.comimagemessage-square6fedilinkarrow-up11arrow-down10
arrow-up11arrow-down1image9 Years ago, one of my good buds who was still practicing Mormonism, posted this to FB and I still can't wrap my head around how the hell he honestly thought this was true.i.imgur.comTehBamski@lemmy.world to ExMormon @lemmy.worldEnglish · 2 months agomessage-square6fedilink
minus-squareJackGreenEarth@lemm.eelinkfedilinkEnglisharrow-up0·2 months agoBut there isn’t a national 50% tax band in America, is there? Not even if you’re earning $1b.
minus-squareLemmeenym@lemm.eelinkfedilinkEnglisharrow-up0·2 months agoThe highest tax rate on income is 37%. The effective tax rate of the people who have income in that bracket is significantly lower.
minus-squareblandfordforever@lemm.eelinkfedilinkEnglisharrow-up0·2 months agoYou’re only considering federal income tax. There’s also state income tax, sales tax, property tax, social security, and other state taxes. It’s nearly 50% in many cases.
minus-squareAecosthedark@lemmy.worldlinkfedilinkEnglisharrow-up0·2 months agoEspecially not if you are earning $1b
But there isn’t a national 50% tax band in America, is there? Not even if you’re earning $1b.
The highest tax rate on income is 37%. The effective tax rate of the people who have income in that bracket is significantly lower.
You’re only considering federal income tax. There’s also state income tax, sales tax, property tax, social security, and other state taxes. It’s nearly 50% in many cases.
Especially not if you are earning $1b