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Old 12-08-2011, 01:19 PM
Don Zeko Don Zeko is offline
Join Date: Oct 2009
Location: Exiled to South Jersey
Posts: 2,436
Default What was that you said about low taxes on the wealthy spurring investment?

Somehow I doubt that raising taxes back to the level that this guy thinks they are already at will change his financial decision-making:

JPMorgan CEO Jamie Dimon making the case against raising taxes on the rich: “Most of us wage earners are paying 39.6 percent in taxes and add in another 12 percent in New York state and city taxes and we’re paying 50 percent of our income in taxes.”

The only problem? The top marginal tax rate is 35 percent. And that’s only on income after $250,000. On income under $250,000, the tax rate is lower. So even before Dimon’s accountant gets involved, he’s not paying 35 percent, much less 39.6 percent. “Next time you read an article about the behavior response to marginal tax rates on high income earners,” comments Matt Yglesias, remember “that President Obama wants to restore the top marginal rate to the level that Dimon thinks it already is. Meanwhile, Dimon doesn’t even know what tax rate he pays.”
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