Reply #2: Going by the tax rate is misleading with these amounts of money. [View All]

[hedgehog]

A person making $10,000 pays $100 for every point in the tax rate.
A person making $1,000,000 pays $10,000.

That sounds terrible, doesn't it?

But if the person making $10,000 pays a 6% total (social Security only), that leaves $9,400 a year or $25 a day.

If the millionaire pays 50%, that leaves $500,000 or $1400 a day.

Somehow I think the millionaire can get by just fine!


Edit: the real focus should be on the fact that by taxing an amount of money that will make no significant change in life style for millionaires, we bring the country out of recession and deficit!