Hey! Everyone NEEDS to pay more taxes. Take selected cv advice from a billionaire who doesn’t care about money anyway, as he has given most of it to a trust.
Let’s revisit your numbers for the rich as defined by the DNC and Obama administration – that is people who have a job and run a business. Evil people, to be sure.
OK, 35% top bracket for the US. If you are in NYC or California, likely if you are ‘rich’ or even currently middle class, add 11-12%. OK, that is 46-47%. Oh, and Social Security. You calculated it with at the ‘employee’ rate. If you are your own boss, as it is assumed most ‘rich’ are, double it. OK, SS is capped, but that is not going to last long. Then subtract some of the second half as a deduction of course. Lets say 12% total SS.
OK, we are at 58-59%. Medicare? Same thing, take the rate and double it. So, add about 7%. We are at 65-66%. The real rate will depend on how much above the SS cap rate income is. In any case, it is not 80%, but approaching it.
Deductions? The evil rich probably have a few, BUT the Alternative Minimum Tax will cancel many of those out.
According to a recent article in The Economist, a ‘rich’ American living in NY, NJ, or California pay a marginal rate that is higher than every European country save Denmark and Sweden.