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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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@diannaeanderson taxes scott walker

Origin Entry: "Imagine If You Did Chores for your Grandma"

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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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Explaining marginal taxes to a far-right former Governor: Imagine if you did chores for abuela & she gave you $10. When you got home, you got to keep it, because it’s only $10. Then we taxed the billionaire in town because he’s making tons of money underp

Alexandria Ocasio-Cortez @AOC Explaining marginal taxes to a far-right former Governor: gave you $10. When you got home, you got to keep it, because it's only $10. Then we taxed the billionaire in town because he's making tons of money underpaying the townspeople Scott Walker@ScottWalker Explaining tax rates before Reagan to 5th graders: "lmagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $7 from you." The students said: "That's not fair!" Even 5th graders get it.

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Imagine if you did your chores for your grandma and she gave you $10,000,010. When you got home your parents took $7 from you. (assuming you pay the regular tax rate for the first $10M).

Imagine if you did your chores for your grandma and she gave you $10,000,010 When you got home your parents took $7 from you. (assuming you pay the regular tax rate for the first $10M). Scott Walker@ScottWalker Explaining tax rates before Reagan to 5th graders: "Imagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $7 from you." The students said: "That's not fair!" Even 5th graders get it.

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This is NOT how pre-Reagan progressive tax rate works @ScottWalker I can't believe you made it this far thinking that, for example, a 70% tax rate means someone making $1000 a month takes home only $300. IRS explains it here: https://apps.irs.gov/app/unde

Michael Shermer @michaelshermer This is NOT how pre-Reagan progressive tax rate works @Scott Walker I can't believe you made it this far thinking that, for example, a 70% tax rate means someone making $1000 a month takes home only $300. IRS explains it here: apps.irs.gov/app/understand Oppose it, ok, but understand! Scott Walker @ScottWalker Explaining tax rates before Reagan to 5th graders: "Imagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $7 from you." The students said: "That's not fair!" Even 5th graders get it.

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Explaining tax rates before Reagan to 5th graders: “Imagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $7 from you.” The students said: “That’s not fair!” Even 5th graders get it.

Scott Walker ) SoottWalker Explaining tax rates before Reagan to 5th graders: "Imagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $7 from you." The students said: "That's not fair" Even 5th graders get it.

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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 shit (e...

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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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