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Reply #88: We need a NEW income tax schedule for the rich...that goes back to the OLD norm [View All]

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OlympicBrian Donating Member (456 posts) Send PM | Profile | Ignore Sat Nov-13-10 12:35 AM
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88. We need a NEW income tax schedule for the rich...that goes back to the OLD norm
Edited on Sat Nov-13-10 12:36 AM by OlympicBrian
The tax cuts for the rich are a big joke on America.

Federal taxes have fallen for the rich to the lowest rate in decades:

http://www.visualizingeconomics.com/2007/11/03/nytimes-... /

Based on the following marginal federal income tax bracket schedule for an individual, and income demographics, can someone calculate a total revenue generated amount for 2010? Please use the 2010 marginal tax bracket schedule to calculate tax amounts up to the listed bracket cutoffs.

http://taxes.about.com/od/preparingyourtaxes/a/tax-rate...

These brackets and rates are "off-the-cuff"--so I truly don't know what to expect. I'm just curious to see what kind of revenue we would be talking about, given the following schedule:

$373,650+ income = 35 pct tax
$500,000+ income = 40 pct tax
$1,000,000+ income = 50 pct tax
$5,000,000+ income = 60 pct tax
$10,000,000+ income = 70 pct tax
$100,000,000+ income = 80 pct tax

In addition, treat most capital gains as ordinary income.
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