Reply #47: How are you paying 62% [View All]

[yankeedem]

Isn't the top Federal MARGINAL rate 31%? Add the highest sales tax in the country, about 9 1/2% (of what you spend), and state income tax maybe at 10% (again, MARGINAL rates)for a VERY high wage earner, you have about 50%. Add 6.2 FICA and 1.5 Medicare and you have 57%, but that is MARGINAL, assuming that you spend all of your money on sales taxable items (impossible, considering that 1/2 of your money can't be spent because of other taxes, according to you).

Sorry, just sounds like bullshit to me.

BTW, you say that the top 1% of tax payers pay 50% of all taxes, that is untrue. While the top 1% pay 50% of INCOME tax, they also own more assets than the bottom 90% combined.

Check out other sources than the Heritage Foundation and get back to us, ok?