Excellent example 100% tax rate, because that’s a number that is so realistic…:sarcasm:
The top Tax personal tax rate in the US is 35%, it was 38% under clinton, bush and reagan. I think the country and the world can handle it. We live in a world where other wealthy nations pay higher taxes than the US, often 50% or more at the top rate. The idea that Americans are overtaxed is riduculous. It’s the same as the other republican garbage about how we shouldn’t have a minimum wage or healthcare or environmental laws, etc. because it makes us uncompetitive.
what a crock.
BTW please explain how:
Yeah cant wait to get a 62% federal tax on my small biz
Why would a small business have 62% tax rate? why would you not run as an S corp or an LLC so your rate maxes out at 35%? If you choose to operate your business in entity that is taxed at 62%, then you ought seek a new tax advisor.