23rd November 2012
One caveat: Rates go up as income goes up — but only to a point. Once you hit a certain magic number among super-high earners, your tax rates start to fall slightly.
So the millionaires who pay the highest average tax rates in America are those who make between $1.5 million and $2 million. That $2 million could be called the “Top Turning Point” on the income ladder, where rates reverse.
Which just demonstrates what I’ve always said: Really rich people just love high tax rates on income, because it doesn’t bother them all that much; the people whose face it stomps are the semi-rich who they want to keep off of the top shelf.