Tax Planning In Bernie Sanders Land Would Feel Familiar To Elderly CPAs
The reason I got into this line of work is because you have to do something to feed your family, but I also think poor guidance in high school may have been a factor.
Bernie Sanders Tax Plan Moderate On Top Income Tax Rate
Looking at the whole plan, it is easier to think about it in terms of somebody who is self-employed, since they, presumably, pay both the employer and employee share. To give Bernie the benefit of the doubt, just as a thought experiment, assume that the health care plan is pretty good, such that you don’t need insurance (I recognize that is a big leap for many). You are getting hit with that 8.4%, but no longer paying for health insurance, so anybody south of $100,000 is feeling pretty good and even at $250,000, it is not that bad. If you live in a high-tax state, the income tax features are not so bad even as you move into the high six figures, but the FICA and the health charge will be very painful. So it looks like “the rich” starts with people making $300 grand or so and it’s not all coming out of the billionaires.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.