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this post was submitted on 28 Dec 2023
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A Boring Dystopia
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This is exactly why you do a progressive tax rate that charges a huge percent (50+) for every penny earned over 20 million.
They can still get these massive bonuses, but get would be better off putting that money into wages that aren’t taxed so much.
Oh honey, that's so much more conservative than I'd tax. 100% over a million, easy.
They don't deserve huge bonuses so I'm not interested in letting them keep anything that insane. There should be a cap on income based upon the median wage or something IMO.
I’ll meet you in the middle at 75
I'd back tax them.
50% for 20 million sounds insane to me. I'd be clamoring for 75% or more. I'm in Ontario and people making something like 250000 CAD already have a marginal rate above 50% IIRC. Before anyone calls me a lazy commie, my marginal rate is in the mid 40s already, and I'm happy to do my part.
How do you feel about 37%?
The UK tax bands will blow your mind.
Like 40% for anything over 50k. Which I'm fine with btw.
https://www.gov.uk/income-tax-rates
None of these people earn their fortunes in a way that is affected by income tax.
They're not taking billions in cold hard cash every year.
Ok, so capital gains tax then. It still kicks in at a fairly early point. Long before you're making millions.
https://www.gov.uk/capital-gains-tax/rates
It’s probably not bad when you factor in healthcare. Especially the middle class that doesn’t get free healthcare but also pays the same as the super wealthy.
We used to have that here in the US.
Thank you Reagan and Bush