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75% on 10M is 7.5M. This is how you get people to end up paying $0, because that rate is far to high. Its like saying for every $1 you earn, you will get $0.25C. Yeah you wouldn't be happy with that.
30% of 10M is better than 0% of 10M. If I had that money and they wanted to charge me 75% tax, I would rather pay a smart accountant 1M and get to keep 9M.
let me introduce you to the progressive tax rates.
Imagine I earn 100k$/year. Let's say the tax rate is 30% at this point (I'm pulling these numbers from a hat), so I pay 30k, I'm left with 70k.
Next year I'm promoted to vice-CEO (I'm pulling these positions from a hat) and earn 500k$/year. Luckily my state says that at 250k$ the tax rate jumps to 50%. This means I pay 30% on all earnings up to 250k (30%250k=75k) and 50% on all above that (50%(500k-250k) = 125k), effectively I'm left with 300k in my pocket, more than 4x what I earned before despite the tax hike.
The next further year I became the final boss of capitalism - the CEO. Earnins jump again to 2mil$/year. Again luckily, my state says that all earnings above 1mil are taxed 75%. So again I pay the 30% on all earnings up to 250k (30%250k=75k), 50% on earnings between 250k and 1mil (50%(1m-250k) = 375k) and 75% on the earnings between 1m and 2m (75%*1m=750k). I'm left with 800k in my pocket, almost triple of what I earned last year despite the tax hike.
anyone richer than lower middle class will fight tooth and nail against progressive tax rates, but the fact is that at these levels of salary even if you're left with like 25% it's still a hideous pile of money.
I know what this is, but they didn't say that. But they said pay 75% on all assets worth 10M. So if you own a house or a yacht, car, etc worth 10M. They suggest you pay 7.5M in tax on that every year.
Ending the yacht and luxury car industry will surely help the poors make money by simply... removing a bunch of their jobs
Ending slavery surely helps the slaves by simply removing a bunch of their jobs.
It's disgusting and offensive to compare paid labor, especially highly skilled/paid labor such as fucking yacht manufacture, with slavery.
Check your privilege bro.
These are the people trying to tell you how to run an economy lol
Literally has never been true
The keyword here is over 10M.
You know, not the 10 millions, but anything that exceeds 10M.
So if you have 11M, you'd pay 750.000.
IMO it's the only way to not bring back kings with unlimited power over normal people.
Keyword was really Assets, but everyone read that as Income...