In response to:

Taxing the Rich Guy in the White House Who is so Taxing to the Rest of Us

arpiem Wrote: Oct 18, 2012 10:57 AM
In the 1950s, when the tax rate for rich people was about 90 percent, those rich people paid a smaller percentage of the total taxes than they do now. They sheltered their taxable income and made it nontaxable. Historic records don't lie.
Moonbat Exterminator Wrote: Oct 18, 2012 11:55 AM
Back then, there were more brackets and more deductions. Also, the way marginal tax rates are applied figures into this as well. If you're in the top bracket, only the income in excess of the floor of that bracket is taxed at the top rate. For example, if the brackets start at 0% for the first $100K and increase by 10% for every additional $100K until a top rate of 90% for income over $1 million a filer who had $1.25 million in taxable income would pay tax of$475,000 even with the 90% top rate because income below that top level is taxed at lower rates. This applies to taxable income which is not the same as gross income. Gross income is everything you earn while taxable income is after all legal deductions.
Moonbat Exterminator Wrote: Oct 18, 2012 12:00 PM
For you libs reading this, the overall tax rate in my simplified example is 38%.
mgoode880 Wrote: Oct 18, 2012 12:22 PM
Big Deal. thanks to the Rights

Barack Obama wants you to know that the rich are out of control.

And I partially agree. It’s a matter of fairness.

After thinking about it for a few years, he has finally figured out that our economic problems have a very simple explanation: There are too many rich people.

I know of at least one too many.

Too many rich people are causing a jobless “recovery.” Having too many rich people caused gas prices to go up, the stock market to go down and the housing bubble to burst. Too many rich people meant that a peaceful...

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