Hiku said:
GOWTLOZ said:
Yeah by taxing the rich 70%. No I don't think so. If she does get elected and follows through with her demands, the US economy will be in shambles.
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That's not how tax brackets work. But I've seen a lot of right wing news outlets deliberately trying to make it seem that way, so I want to ask, where exactly did you hear this?
Tax brackets are already in place in the US. And she wants to add a few more. (USA have had 70 and even 90% tax brackets before, even under Republican presidents.) It's technically possible that someone rich (qualifying for the 70% tax bracket) would only pay 70 cents extra in taxes. Because you'll only pay 70% of your income on every dollar earned above a certain threshold.
Let's say the tax bracket looks like this:
$1 - $5 000 000 = 20% $5 000 001 and above = 70%
If a person earns exactly 5 Million and one dollar, they will pay 20% in tax on all of it, except that one dollar that went beyond 5 million. On that dollar they'll pay 70% in tax, which is 70 cents. So their total tax would be 1 Million dollars + 70 cents.
If that person earned 5 million and 2 dollars, they would pay 1 million + 1 dollar and 40 cents. And so on.
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Curiously enough, more politically engaged Republicans consistently fail to correctly answer how taxation actually works, compared to those less engaged, possibly showcasing how much certain media outlets are spreading fake news concerning the subject:
