Blog: Stop trying to raise taxes!
November 27, 2012
Now, let’s say someone is making $60,000 a year. They pay under only 1-5 thousand and that is 5% of their income if the paid $3,000 in taxes. Someone who makes $2,000,000 pays 40% in tax revenues, and they will pay $800,000. Now, someone who makes money off capital gains pays about a 15% tax rate. So let’s say they made $10,000,000 in capital gains. They pay $1,500,000 in taxes.
Now that leaves them with $8,500,000, but that isn’t including other taxes. Also almost all top 1% give huge sums of money to charity, hospitals, grants, foundations, and some of them start their own foundations like Bill Gates. He and his wife started the Bill and Melinda Foundation. Also, if we tax the 1% in a way that France does, the 1% will flee the nation and go to a third world country, or a nation where they will be be able to keep their money.