General_Effort@lemmy.world to Lemmy Shitpost@lemmy.worldEnglish · 1 day agoIs 33 cents a small amount of money?lemmy.worldimagemessage-square132fedilinkarrow-up1698arrow-down114
arrow-up1684arrow-down1imageIs 33 cents a small amount of money?lemmy.worldGeneral_Effort@lemmy.world to Lemmy Shitpost@lemmy.worldEnglish · 1 day agomessage-square132fedilink
minus-squareDavin@lemmy.worldlinkfedilinkarrow-up3·6 hours agoIf the tax bracket for no taxes is $10k, you don’t get taxed if make under that. If the tax bracket for 5% is $10-20k, and you made $15k, the first $10k is not taxed, but the $5k is taxed at %5. So you would never make $0 after taxes, even if you made it into the hypothetical 100% tax bracket.
minus-squareKillingTimeItself@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up2·5 hours agoyeah, with how tax brackets actually work, this should be physically impossible, i’m just pointing out that even if it didn’t it would STILL have to be a pretty substantial increase in tax, that you could easily calculate.
minus-squareDavin@lemmy.worldlinkfedilinkarrow-up1·5 hours agoAh yeah. It would take a lot. Even at 90% $100m from a billion is still way more than most of us.
If the tax bracket for no taxes is $10k, you don’t get taxed if make under that.
If the tax bracket for 5% is $10-20k, and you made $15k, the first $10k is not taxed, but the $5k is taxed at %5.
So you would never make $0 after taxes, even if you made it into the hypothetical 100% tax bracket.
yeah, with how tax brackets actually work, this should be physically impossible, i’m just pointing out that even if it didn’t it would STILL have to be a pretty substantial increase in tax, that you could easily calculate.
Ah yeah. It would take a lot. Even at 90% $100m from a billion is still way more than most of us.