She triggers the establishment republicans and democrats no end, she will be big maybe even president one day as today's young emerge into politics
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.
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?
Last edited by Hiku - on 23 January 2019
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.