this post was submitted on 17 Apr 2024
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ExMormon

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9 Years ago, one of my good buds who was still practicing Mormonism, posted this to FB and I still can't wrap my head around how the hell he honestly thought this was true. (i.imgur.com)
submitted 7 months ago by TehBamski to c/exmormon
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[–] [email protected] 12 points 7 months ago (2 children)

But there isn't a national 50% tax band in America, is there? Not even if you're earning $1b.

[–] [email protected] 10 points 7 months ago (1 children)

The highest tax rate on income is 37%. The effective tax rate of the people who have income in that bracket is significantly lower.

[–] [email protected] 1 points 7 months ago

You're only considering federal income tax. There's also state income tax, sales tax, property tax, social security, and other state taxes. It's nearly 50% in many cases.

[–] Aecosthedark 5 points 7 months ago

Especially not if you are earning $1b