5 brackets. Top is anything over 20,001. That seems to be what they're objecting to:
Yup appears my info was old...Looks like NY changed its tax brackets between 2004 and 2009... Did the republicans take control?? or was this the doings of the dems?
So, if someone makes 20k (after deductions) they pay $1180 state, 2,599 fed
and if they make 50k they pay $3,425 state, 8,844 fed
and 500k $34,250 state, 153,597 fed
and 5 million $342,250 state, 1,728,597 fed
And of course a percentage of that Federal money goes to the state...
So the guy paying over 2 million in taxes should pay more? This always confuses me. In order to make that kind of money he has employed hundreds if not thousands of people. And then whatever business he is in is purchasing products and services from numerous other firms which provides a percentage of revenue to keep tens of thousands more employed. And then by buying yachts, houses, throwing lavish parties he provides revenues to manufacturers, contractors, caterers...companies that employ hundreds more.
Now if one were to decide to tax this guys income at a higher rate he'd make a decision...do I try to make more money, for less return...or do I just shut the whole operation down and live off the what I already have and spend the rest of my life on vacation?
Me, I'd like to see this guy continue to produce so he can continue to pay 2 million in taxes and assist our economy thru his greed and conspicuous consumption...as it provides my employment.