Tuesday, July 28, 2015

Fair Share?

Under my most recent tax proposal (a top rate of 25% and no deductions), a person making $10 million a year residing in a $5 million home in Carmel California (throw in a couple of expensive cars as well) and who also has a $1 million dollar second home in Winston-Salem North Carolina would ultimately pay close to 42% of his income back to the government (federal, state, local) in the form of taxes (and this doesn't even include gas taxes, sales taxes, excise taxes, Social Security and Medicare taxes, etc.). That sounds incredibly fair (as in "fair share") to me and if anything it might be a bit too draconian. But at least it's a decent start............................................................................................P.S. My calculations are based on a 25% federal income tax (with zero deductions) plus a 13.3% state income tax plus (at least) $300,000 in local property taxes.

2 comments:

dmarks said...

A certain someone would look at that and still insist that you "worship the wealthy"

Will "take no prisoners" Hart said...

Anything less than 70% (which ironically would include the progressive caucus in that their proposed top tax rate is only 47%) would qualify, I think.