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View Diary: Rubio joins Republicans claiming rich will evade higher taxes (103 comments)

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  •  On marginal, ordinary income? (2+ / 0-)
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    kyril, VClib

    Most high earners I work with.  I've had clients that trade forward currency contracts, for example, and unless they make a particular election (which they rarely do, cuz, seriously, people just don't think about tax that often, my constant protestations notwithstanding) their gain when they close out a winner is ~43%.  ie, they have to pay $43 in tax for every $100 they make on the contract.

    But, if we're talking about effective rates on AGI (total tax divided by AGI, which I think is a weird way of calculating effective tax rates, since it really only tells us about deductions rather than the actual mix of taxable income), then IIRC rates hover between 20% - 30%.

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