Top marginal tax rate in US now ~65%

[Sava]

Most of the practices in modern banking and finance should be illegal and prosecuted aggressively. ****ing leeches. They suck money out of the economy.

[BlackCat]

Capital Gains tax, what happened?

Stop being an idiot - if there are such taxes, then people of course want to stockpile their money in matresses and socks since that obviously is a better investment.

[MRT144]

Capital Gains tax, what happened?

[BlackCat]

Interesting thread. It looks like the US socite is better of if rich working people pays very low taxes so the can hire cheap labour (that of course is taxed relatively high) to do their mundane nesseceties and save enough money so the can continue this lifestyle when they retire.

Further, unemployed people that just accidentally have lots of money shall of course not be taxed of their incomes when they invest these money (or for that matter earn an interest from a bank).

Did I get it right

[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.

[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.

[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!

[kentonio]

They pay a much reduced level of income tax.

[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.

[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?

[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.

[MrFun]

Missed opportunity to hire 6 employees?

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

[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.

[kentonio]

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

[Ogie Oglethorpe]

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