Reply to "Tax the Rich"

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[quote=Anonymous][quote=Anonymous]We do well. I am not complaining and feel very fortunate to have two very good paying careers. But we just did our end of year tax analysis with our CPA and our effective tax rate when adding federal plus DC taxes is 45% (36% federal, 9% DC and DC is only "low" because a lot of our income is through a DC C-Corp which is taxes slightly lower at 8.5%).

45% of our income going to taxes. Nearly half of what we take home.  And yes -- we are utilizing every single tax strategy under the sun available to us and work with a very good CPA.

So let's change the complaint from "tax the rich" to "tax the billionaires" because the regular rich are playing PLENTY in taxes already. Sigh.  [/quote]

Always have said that---when you add in State taxes, many of us are paying 45%+ on the majority of our income.  yes,  the first 400K is taxed less, but if you are earning $1.2M, majority is being taxed at the 45%+.  Add in medicare tax (almost 2%) and you approach 50%. yes we make a lot, but not in the billions range.  It's all wages and interest/dividends (and some  Cap gains).  So no way to "hide" the income.  We are paying plenty, it's the really wealthy who manage to avoid it, as well as corporations.

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