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Originally Posted by SniperSB23
Those 2% of wage earners earn 24.1% of all income and pay 43.6% of income taxes. So yes, upping the taxes on that group does make a huge difference.
Personally I feel it is about time they add another tax bracket. $250,000 just isn't that much money these days, especially if you are living somewhere like NYC. Add a tax bracket for $1 million and up instead of increasing the taxes on the people between $250,000 and $1 million.
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I think the highest tax bracket is like 375K and up.. something like that.... was looking at it today, there isnt even a 250K and up tax bracket.
http://taxes.about.com/b/2008/10/21/...-announced.htm
some people also think once you are in a higher tax bracket your whole income gets taxed at 33% or whatev.. which is funny. I've heard people say they dont want a raise because they will actually get less money because they will be in a higher tax bracket. That makes absolutely no sense and they dont understand that the first 7500 or whatev is taxed at 10%.. then next 15k you make is taxed at 15%, etc, etc..
But you are right.. instead of hiking the taxes for people making 150k, or 300k... they should just create a new tax bracket for 1,000,000 & up and another one at like 20,000,000 and up.. get the guys who can really afford it.