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Wednesday, April 07, 2004
The 5,000,000 % solution.
One of the favorite facts used by critics of social democracy was that the Swedish social democrats had such a complicated tax and transfer system, such high tax rates and such a low grasp of economics that, for a while, at some income range the effective marginal tax rate was 103 %
That's nothing. Ohio Republicans are working on a plan which would introduce a marginal tax rate of
5,000,000 %
"Kilbane's plan would dramatically penalize some taxpayers for only slight increases in earnings. For example, joint filers making $20,000 would not be taxed, but those making $20,001 would have all of their income taxed at 2.5 percent, a $500 hit, according to the tax department's analysis."
also those making $ 20,000.01 so taxes of 50,000 times the additional income or 5,000,000 %. Enough to make you wonder about Republicans' claims that there enthusiasm for tax cuts for the rich is based on their keen grasp of economic theory.
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