[dmk23]

Who are YOU to tell ME what I "need"?

If you want to "collectively decide" how to "better use" MY money, I can just move it to a different jurisdiction and you'll get what you deserve - nothing. If the value of what your "collective decision" gives me for "60% tax bill" is not there, the money will rightfully leave.

There is a great parable explaining how this works: http://danieljmitchell.wordpress.com/2012/03/18/the-tax-syst...

[throwaway2048]

I'm sure public infrastructure, public schooling, police and fire departments, national defense, etc etc had absolutely nothing to do with your success, and society as a whole does not deserve a single cent back.

"Fuck you, I got mine" at its finest.

[tolmasky]

> national defense

Yup, definitely couldn't have gotten to where we are without that well-used defense budget in going to war with Iraq and having the NSA monitoring all our communications.

[bsamuels]

probably in a similar spot you would be in without computers or the internet, both of which were derived from defense spending.

[yapcguy]

Is it really 60% for residents of California?

Excluding sales tax since that's consumption based and not income based, how much money would a person have to earn, and under what conditions, to hit a 60% marginal rate?

[gamblor956]

It's not possible to pay a 60% marginal rate in the US unless you're paying tax penalties for previous underpayments of taxes. CA and NY have the highest tax burdens, and the highest marginal rate you could theoretically get is only 55%.

39.6% federal rate plus the 13.3% CA state rate + 0.9% high-income Medicare tax = 53.8% rate on non-investment income. Since we're talking about marginal rates, you wouldn't include the FICA or payroll taxes, as these are capped at lower thresholds than the marginal rates. (The exception is the 0.9% high-income Medicare tax, which only applies to the highest bracket.) But since federal taxable income excludes state taxes, you can't actually combine the state and federal marginal rates; you get a meaningless number.

Investment income is subject to lower rates. The federal rates vary from 0-28% depending on the type of investment and the tax bracket of the taxpayer. For example, lowest-bracket taxpayers have a 0% rate on investment income; highest-bracket taxpayers have a 20% rate on dividends and capital gains and pay 28% for income on collectibles.

[kevinchen]

"In my explanations of the Laffer Curve"

closes tab

[brady747]

Don't worry, you are not the problem...the problem is all these morally, self righteous people doing their best to abide by the intent of the tax code even when they think the system isn't fair (or well managed)....even though you have more control in what is 'collectively decided' then they do...

[anigbrowl]

Don't let the door hit you on the way out.