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New From Seth Meyers: The Trump Tax Bombshell Reveals How the System Is Rigged

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lawhawk9/29/2020 7:22:26 am PDT

re: #9 teleskiguy

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Bullshit that she’s paying nearly 50% of her income as tax.

The top tax rate has not been above 39.6% since before 1986. That’s the marginal tax rate.

Her effective tax rate is likely to be much lower than that since her income is not all taxed at the top rate, only the amount above the threshold for the top rate. If she makes $1 million, but the threshold is at $500,000, only the last $500,000 is taxed at 39.6%. Everything else is taxed at the lower rates. She’s lying even now.

And if her income included cap gains, then the long term gains were taxed at 15%.

Even when she’s trying to make a point about Trump’s tax scam, she’s lying by exaggeration.

Only way she’s getting close to 50% is if she’s factoring in state and local income taxes too, and even then, it mirrors the federal tax in bracket structure - only the amount above the top tier threshold is taxed at the highest rate.