Top marginal tax rate in US now ~65%

[Asher]

You dream of only having 35% of your income for your own use?

What's 35% of a million dollars a year?

[MrFun]

I truly don't understand what point you're trying to make here.

[Ogie Oglethorpe]

What's 35% of a million dollars a year?

Missed opportunity to hire 6 employees?

[giblets]

Hiring employees... isn't that deducted as a business expense?

[Ogie Oglethorpe]

Not if it is for your household, yard maintenance, nanny, music teacher, private school, et.al.

[kentonio]

So rich people should have lower taxes so they can hire personal servants?

[giblets]

Not if it is for your household, yard maintenance, nanny, music teacher, private school, et.al.

Yes, taxation does reduce your ability to consume goods and services.

[MrFun]

Missed opportunity to hire 6 employees?

Tax cuts for the wealthy has **** to do with job creation.

[Nikolai]

I wonder what the top marginal tax rate is in other countries?

JM

I don't know what that translates to in Norwegian, but this site says it's like this for Norway:

Maximum marginal tax rates

Myself, I pay 13% this year.

[Sava]

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.

You can always leave. Need help packing?

[Dr Strangelove]

http://en.wikipedia.org/wiki/National_Insurance

So national insurance payment above the upper limit is 2%. It's the poor stiffs who make below the upper limit who actually pay the highest proportional tax just like here in the US.

[kentonio]

They pay a much reduced level of income tax.

[Dr Strangelove]

I think the medicare cap is gone.

OMG! OMG! OMG! 2.35%! Oh, Please! Someone catch me! I think I may swoon away!

[MichaeltheGreat]

OMG! OMG! OMG! 2.35%! Oh, Please! Someone catch me! I think I may swoon away!

It does bump peak marginal federal rates into 40+% territory on earned income.

[Krill]

So national insurance payment above the upper limit is 2%. It's the poor stiffs who make below the upper limit who actually pay the highest proportional tax just like here in the US.

We don't pay it until we earn over £7000/year. And income tax doesn't start until £8000 (give or take a few hundred pounds). TBH, I have difficulty seeing it as anything other than an additional income tax.