Think we are headed in this direction?

[msmith198025]

http://www.breitbart.com/article.php?id=CNG.91afc63abb93d5e6768f1eb67b4c502 2.a91&show_article=1

50%???? Wow
Where is the incentive to advance and make more?

[stevenl]

Where is the incentive? Well the more you make the more you make.

[fallout2600]

Not yet, but we make get there as a direct consequence of all the bailouts.

150,000 British Pounds is equalivent to $218,000 US Dollars.

Could you imagine the outrage of a 50% income tax on $218k.

[HDRoberts]

First, the tax system is not stepped like that. If a person made £150,001, only £1 would be taxed at 50%

There is still incentive to make more, as you still get to keep half of it. The more money you make, the more money you make, period. You people act like they are taxing 100%

The only reason their would be outrage in this country is due to how much political power the wealthy have in this country.

[msmith198025]

First, the tax system is not stepped like that. If a person made £150,001, only £1 would be taxed at 50%

.

Is that in fact true? If so, then my previous post is incorrect

Edit. I see that it says it in the article. My mistake

Still, 50% of everything over that amount is extremely high when you consider they are getting some share of everything under it too.

[stevenl]

Your previous post is incorrect. Only the money 'over' into the next bracket is taxed at the higher rate. So your first 50k is taxed at rate A, the next 50 is rate b the next 50 is rate c (those are not real numbers but you get the idea.)

[msmith198025]

Your previous post is incorrect. Only the money 'over' into the next bracket is taxed at the higher rate. So your first 50k is taxed at rate A, the next 50 is rate b the next 50 is rate c (those are not real numbers but you get the idea.)

Yeah, I see that, and fixed.
Thanks:thumbup:

[HDRoberts]

Yeah, almost all income taxes are that way. They are designed to ensure there are now discontinuities. It would suck to get a $10 raise, only to move into they next tax bracket and pay thousands more in taxes.