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Dianna E. Anderson @diannaeanderson Jan 4 okay so a lot of (rich, white) folks are freaking out about what a 70% tax rate on the wealthy would look like and they're scared about it and s--- (even though it's literally what rich baby boomers already dealt with). SO LET'S DO THE MATHH 1.6K 34K 80K Dianna E. Anderson @diannaeanderson Jan 4 Post WWII, the tax rate peaked at 94% on annual income over $200,000 ($3mil in 2018 dollars). In the decades following, it dropped to a marginal tax rate of 70% of all income over 200k/annually (again, 2-3mil in today's dollars, depending on year). Dianna E. Anderson-Φ @diannaeanderson , Jan 4 Here's a thing a lot of folks don't understand: we have a tax system in the US that only taxes money above the "bracket." So, say the cut off for a particular percentage is 250k and you made 254k last year. The entire thing wouldn't be taxed at the higher rate. Just the 4k. 146 t 5.3K 19K Dianna E. Anderson @diannaeanderson Jan 4 So this doesn't mean that all rich people would suddenly have to give up 70% of their income. Thanks to the way tax brackets work, they would only be taxed at the rate for the money above the cut off. So it isn't a 70% flat tax-which the GOP are depending on you misunderstanding.

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okay so a lot of (rich, white) folks are freaking out about what a 70% tax rate on the wealthy would look like and they’re scared about it and s--- (even though it’s literally what rich baby boomers already dealt with). SO LET’S DO THE MATH.


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Replying to @ScottWalker Why not explain it properly: "imagine if you did chores for your grandma and she gave you $10, and your parents took none of it, then the rich a------ down the street made $10 million, and the government let them keep several million, but kept some to build schools and roads"
Replying to @ScottWalker Explaining taxes rates to less stupid people: ,,Imagine if you did chores for your grandma and she gave you $10. When you get home your parents ask for $7 to buy you school supplies, get you food and support your sick little brother" The student said: ,,That sounds reasonable" C0
1/2 How about this way: "lmagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $3.50 from you. In exchange, they give you a place to live, food, and medical care."
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"Imagine If You Did Chores for your Grandma" - okay so a lot of (rich, white) folks are freaking out about what a 70% tax rate on the wealthy would look like and they’re scared about it and s--- (even though it’s literally what rich baby boomers already dealt with). SO LET’S DO THE MATH.

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Uploaded Jan 16, 2019 at 03:41PM EST

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"Imagine If You Did Chores for your Grandma"

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@diannaeanderson, taxes, scott walker

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