Comment on Is 33 cents a small amount of money?
Davin@lemmy.world 2 weeks agoIf 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 2 weeks 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 2 weeks ago
Ah yeah. It would take a lot. Even at 90% $100m from a billion is still way more than most of us.