If you had an income of 20 million a year and had to pay 10 million in tax, would you be able to get by?

Question

Could you still own your own home. Would you still be able to visit other countries for a vacation, or would you need to stay home and beg for more tax cuts, so you could survive.

Answer 1

that is so unfair, that's 50% tax payment.

Remember most of these people worked their butt through college, and possibly worked their rear off to climb to corporal rank. To take 50% of this guy's pay check then give it to some low life that's just unfair.

Remember i say most, not all. Namely (BUSH).

graduated tax payment system has its flaws. so they have to be compensate through other method, such as cut in dividend tax. Then you have some low life who's milking the system and refuses to work, plus paying zero tax dollar, besides sales tax for their Nike or cable tv.

Answer 2

Yes, for sure.  

But I also think I would not be as inclined to work so hard to get my $20 million, considering the fact that half of it would be gone before it ever reached my hands.

Current maximum U.S. individual rates are at 39%.  At one time they were as high as 90%.  This was in the early 1960s--a time of great U.S. prosperity.  Even when the rate was at 90% the jetsetters still got on their jets.

Answer 3

I'd manage somehow.

Answer 4

If I had an income of $20 mil year and the dummy doing my taxes said I owed $10 mil, I'd fire the idiot.  Federal income tax on that would be a bit shy of $3.5 mil and you can take it to the bank that I'd live in a state with no income tax.

But even if my income was around $13 mil, I'd do fine on the $10 mil net.  In fact, I could get by very comfortably on less than half of that and still save half of it.

Answer 5

Well, first I would fire my accountant.  I have no problem paying appropriate taxes, but if I was making 1 mil/year most of it would go to charitable foundations and therefore I shouldn't be paying 50% tax.

Yes -- I most certainly could get by.  I could still do all those things on $30k/year.