Give me five minutes to explain taxes to you:
The top marginal tax rate is currently 39.6 percent, which remember, is an altogether different thing from the effective tax rate that wealthy people end up actually paying after taking advantage of various tax loopholes.
What does that even mean - a ‘marginal tax’ rate of 39.6 percent?
Does it mean the average person pays 39.6% in taxes? No.
Does it mean that the income earners in the top one percent pays 39.6% in taxes? NO!
Here’s what a marginal tax rate of 39.6% means:
First, as of 2013 the top tax rate for individuals currently doesn’t begin unless you earn $406,750 dollars. Actually, that tax rate doesn’t even take effect until you make $406,750 + $1 dollar. Got that part? That’s important.
Here’s the tricky detail that most people miss: the 39.6% tax rate is only applicable on anything OVER $406,750 dollars. So if you made $406,752 dollars, then only two ($2) of those dollars will be taxed at the highest rate of 39.6%…and the other $406,750 is not.
Of course, this does not take into account the numerous tax loopholes that I alluded to earlier. Thus, if the top marginal tax rate is 39.6 percent, then after using any number of tax loopholes, write offs and various other cheats, it’s entirely possible earn over $406,750 dollars per year and still pay even less in taxes than a working class American earning much less.
SN: this applies only to people who do actual work for a paycheck. If, on the other hand, your primary income is from inheritance or stock investments and you pay all your bills off of that interest (aka “capital gains”), then your taxes work differently altogether (hint: they’re even lower). Take multi-billionaire Mitt Romney, for example. In 2010 he only paid an effective (real) tax rate of 13.9 percent, odds are that’s much lower than the tax rate you (or your parents) just paid.
Here’s the last thing you should remember: Only one percent of Americans make $400,750 a year or higher. Stated differently, the top income tax rate effects around 3.5 million —out of 350,000,000 Americans. And that’s only on the dollars ABOVE $400,750.
BOO HOO right? Approximately 3.5 million Americans might, maybe, perhaps *possibly* have to pay the top federal income tax rate…but only on anything above $406,750 dollars…and only if they refuse to take advantage of ridiculously huge tax loopholes so big you could fly a jumbo jet through them.
THAT is what conservatives are crying about when they complain about the top tax rate. That’s it.
everyone wants to talk about how fat women saying ‘real women have curves’ or ‘eat a sandwich’ is girl-hating and terrible but few besides fat women will acknowledge that thin women routinely treat fat women like crap or like neutered…
Sincerity seems to be a problem for some people these days. But I would rather be scorned and disliked than be someone whose life is a lie.
Q:whats the craziest thing youve ever done?
omg okay so one time (i think it was sophomore year) i was sitting in class and my teacher, out of no where, says “i can see your bra strap through your shirt hanna” and i looked down and you literally couldn’t see it unless you were blatantly staring at my chest so i said, “well i can’t” and he says “you need to go change your shirt” and i said i didnt have another shirt so hes like then go home and i had a burning hatred for this teacher
i still dobecause it was like he went out of his way everyday to piss me off so i stood up and took off my bra under my shirt, dropped it on the floor next to my desk and sat down.
i was suspended for a week.
this is the most amazing thing I have ever read. I swear to god this gives me life.
I’d hate you if I could.