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jmowreader

(50,522 posts) Wed Nov 14, 2012, 04:52 AM Nov 2012

Easy tax for anyone making over $500,000

The GOP wants to maintain the Bush rates for the wealthy? Can do easy! 35 percent rate on the first dollar of anyone in the top bracket, capital gains taxed as ordinary income, and no deductions of any kind.

2 replies

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Easy tax for anyone making over $500,000 (Original Post) jmowreader Nov 2012 OP

First dollar? What then? flor-de-jasmim Nov 2012 #1

First dollar is a tax term jmowreader Nov 2012 #2

flor-de-jasmim

(2,125 posts)

1. First dollar? What then?

Reply to jmowreader (Original post)

Wed Nov 14, 2012, 05:38 AM

Nov 2012

jmowreader

(50,522 posts)

2. First dollar is a tax term

Reply to flor-de-jasmim (Reply #1)

Wed Nov 14, 2012, 07:40 PM

Nov 2012

Your first and last dollars, if your earnings are enough to be taxable across different brackets, are taxed differently. The CEO of a company that pays him $750,000 per year pays 10 percent on his first dollar, 35 on his last and the dollars in between are taxed in the order they were received. Under this, all his dollars are taxed at 35 percent...which is probably what they were taxed during Reagan's first tax setup.

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