Funny, because even though that’s a total of 95% tax, it reduces $89 million down to $4.45 million, which is still enough to live a ridiculously luxurious lifestyle. For us plebs, that would mean we have to find some way to spend $370,000 every month. It just goes to show how much we under-tax the wealthy in this country.
It’s also ironic that making $89 million a year is kind of in the low-end of things when it comes to money and influencing the country. Even if they were not taxed much, and assuming no growth, they’d have to save over ten years to hit a billion.
Kind of gives you perspective when you think we have billionaires and a whole lot of centimillionaires. To accrue a billion, you’d have to accrue 100 million for 10 years and save it all.
Something tells me that most people on OF make nothing like that, but yes.
Also, I’m pretty sure this line of work has a very limited timeline for viability, at least at those kinds of numbers. People doing this would do well to put this away for a rainy day…
I get some of these simplifications for the sale of discussion but the federal corporate income tax rate is 21% (yes, at least half of us are subsidizing corporations)
You’d expect her to being paid some salary as an employee of her corporation, and depending how the wrote it, it’s possible only that would be subject to sin tax, and it’s relatively insignificant
Funny, because even though that’s a total of 95% tax, it reduces $89 million down to $4.45 million, which is still enough to live a ridiculously luxurious lifestyle. For us plebs, that would mean we have to find some way to spend $370,000 every month. It just goes to show how much we under-tax the wealthy in this country.
It’s also ironic that making $89 million a year is kind of in the low-end of things when it comes to money and influencing the country. Even if they were not taxed much, and assuming no growth, they’d have to save over ten years to hit a billion.
Kind of gives you perspective when you think we have billionaires and a whole lot of centimillionaires. To accrue a billion, you’d have to accrue 100 million for 10 years and save it all.
Something tells me that most people on OF make nothing like that, but yes.
Also, I’m pretty sure this line of work has a very limited timeline for viability, at least at those kinds of numbers. People doing this would do well to put this away for a rainy day…
So we’re assuming someone who makes $89M is
I get some of these simplifications for the sale of discussion but the federal corporate income tax rate is 21% (yes, at least half of us are subsidizing corporations)
You’d expect her to being paid some salary as an employee of her corporation, and depending how the wrote it, it’s possible only that would be subject to sin tax, and it’s relatively insignificant