Comment on Is 33 cents a small amount of money?
KillingTimeItself@lemmy.dbzer0.com 10 months ago
Shouldn’t it be physically possible to be taxed so much that your income lowers compared to what it was previously?
Like you would have to have a 20% bump in pay, and an increase in taxes that’s like 25-50% or something insane. Of course if you cherry pick data, and pick a high ceiling, and then just barely pass a threshold you can probably make it appear, but that would be a pretty well defined statistical anomaly. And, not very much money.
of course, the idea of a progressive income tax is that at a certain point, it becomes untenable to hold so much money. But unless taxes are literally 100% it’s hard to make the argument that you’re “losing” money.
Davin@lemmy.world 10 months ago
If the tax bracket for no taxes is $10k, you don’t get taxed if make under that.
If the tax bracket for 5% is $10-20k, and you made $15k, the first $10k is not taxed, but the $5k is taxed at %5.
So you would never make $0 after taxes, even if you made it into the hypothetical 100% tax bracket.
KillingTimeItself@lemmy.dbzer0.com 10 months ago
yeah, with how tax brackets actually work, this should be physically impossible, i’m just pointing out that even if it didn’t it would STILL have to be a pretty substantial increase in tax, that you could easily calculate.
Davin@lemmy.world 10 months ago
Ah yeah. It would take a lot. Even at 90% $100m from a billion is still way more than most of us.