Quote:
Originally Posted by crockett
It would be silly to tax the Rich at 50% but there is no reason why upping them a few percent should be the end of the world as the GOP tries to claim it will be.
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Lets see:
Federal 39.6%
State (California): 10.30%
Medicare: 2.9%
SS: % depends on income (up to 12.4%)
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Total: 52.8%+
I agree, 50% tax rate is silly indeed...
(of course this doesn't even include real estate, sales, vehicle, and 50 other taxes)