I guess I don't get it... Am not very smart about money...
I don't have much in politics here though, so it's innocent...
Edit: Anyway... Here's the logic I was looking at, to come up with the comment...
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In 1963, the top marginal tax rate for a single person filing separately was 90% on amounts over $200,000, so THAT tax on the $1 million would be 90% of $800,000 or $720,000. Assuming that the taxed individual was taxed at 50% for the first $200,000 ... $100,000.... That would leave the net income after taxes
$1,000,000 minus $720,000, minus $100,000 for a
total after tax income of $180,000.
50 years later...
In 2013, the top marginal tax rate for a single person filing separately is 39.6% on amounts over $400,000, so THAT tax on the $1 million would be 39.6% of $600,000, or $237,000. Assuming that the taxed individual was
taxed at 30% for the first $400,000, $120,000... That would leave the net income after taxes
$1,000,000 minus $237,000, minus $120,000 for a
total after tax income of $643,000.