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Published 2011-11-05 (Image 72413)

Last week, you said if you earned $10 million in profit, and Obama raised your taxes to 50% youd only take home $5 million. But thats not how our marginal tax rates work. Everyones earning are taxed exactly the same, whether youre a billionaire or a thousandaire. We all pay 10% on our first $8,500, 15% on earning between $8,500 and $34,500, 25% only on the portion between $34,500 and 83,600, and so on. If there were a 50% bracket, it would only be the 50% of the very top part of your income. On what page of the Communist Manifesto did you find all this?

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