Top marginal tax rate in US now ~65%

[KrazyHorse]

For a married couple living in NYC earning about 360k a year agi

The whole range from 300k to 400k is above 60%

Based on 33-35% federal marginal rates, 10% state+local, 3.8% medicare tax, and phaseouts for personal exemptions and itemized deductions. Could be even higher if they have a mortgage.

[Hauldren Collider]

Obama
Cuomo
Bloomberg

[giblets]

Why are personal exemptions and itemized deductions being phased out? I thought people were talking about capping them?

edit: I didn't know about personal exemption phaseouts but it doesn't seem like it would make a very big difference.

[KrazyHorse]

All of this badness being introduced into the tax system to get an additional 0.4% of gdp in revenues (static assumption) or more like 0.2% after behavioral changes are taken into consideration...

This is what happens when you have one political party which believes that entitlement spending for 300 million people can stay on its current path paid for by a couple of million people, while the other party has been busy shooting itself in the foot by refusing to recognize tax expenditures for what they really are...

[Krill]

Obligatory "Go back to Canada, you lazy, job stealing, penny pinching immigrant" comment.

[DaShi]

True, KH can just vote with his feet.

[KrazyHorse]

I already voted with my feet out of nyc. That decision alone pays my rent.

[KrazyHorse]

My MTR is much more modest, close to 45%.

[DaShi]

Good job then. If more rich people move to Connecticut maybe it will be a nicer state.

[Al B. Sure!]

Married couple making $360K... can you be any more out of touch? That's 10 times the median household income in Philadelphia.

[MrFun]

For a married couple living in NYC earning about 360k a year agi

The whole range from 300k to 400k is above 60%

Based on 33-35% federal marginal rates, 10% state+local, 3.8% medicare tax, and phaseouts for personal exemptions and itemized deductions. Could be even higher if they have a mortgage.

I should sympathize with those people because ......?

[KrazyHorse]

Are you an idiot? I'm well aware of where that income stands relative to most. How does a factual statement about changes to the tax code and implicit statements about the effect this has on incentives make me out of touch, you goddamn failed excuse for a grownup?

[KrazyHorse]

I should sympathize with those people because ......?

Who asked you to sympathize with them?

[MrFun]

WAAAAH!! The wealthy are being made to pay taxes! WAAAH!!

[KrazyHorse]

You can always trust brainless partisans like fun to miss the point.

The US welfare state is doomed when children like yourself refuse to acknowledge simple mathematics and focus on political theater.