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Originally Posted by Texpat In the top bracket, those suckers are being taxed at 50% or more and are paying in excess of a million in taxes. |
Nowhere near that- there are many tax breaks and deferrals available to the wealthy. As much as possible, "income" is paid in the form of dividends or capital gains anyway and taxed at a much lower rate. Then you have estate planning bequests, Trusts and foundations, 401K's and so on.
If a US citizen is paying more than an effective 25% on that sort of income, it is basically because he chooses to do so or is not bothered doing anything about it.
