• apis@beehaw.org
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    1 year ago

    Misleading title - they’re not doing this by applying 4% tax to the income of mere millionaires, they’re doing it by applying 4% to the incomes of those with annual incomes one million and over.

    That’s a much, much wealthier cohort than the title implies.

    • redandgray@beehaw.org
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      1 year ago

      Remember that this is a marginal income tax rate, i.e. it does not apply to the first $1 million of taxable annual income, only to the amount in excess of that threshold.

      • apis@beehaw.org
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        1 year ago

        Assumed that as a given, but the title is as misleading as all of the general chatter about taxes which neglect to mention marginal rates.