Hacker News new | ask | show | jobs
by jb775 2142 days ago
This isn't incorrect. I said per-capita relative to income, not to mention the difference in purchasing power of what's left. I'm not talking about the total amount paid by the richest.
1 comments

Taxes are based on marginal rates. The more you make the more you pay. If you are a high earner making $300k in California your combined rate (federal/state/fica) is 38% and you pay $114k in tax. If you are middle class make $60k your combined rate is 22% and you pay $13.3k.

If you are a business owner and most of your income comes from capital gains, still not possible to pay anywhere near 22%. Rate on capital gains is 33.3% (20% federal + 13.3% state).