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Comment by nostromo | Hacker News Reader

Borrowing to build a bridge is economically rational. Borrowing to pay someone who could work not to isn’t. That’s not an investment, it’s just debt. (Debt that has to be paid back, usually with another person's labor.)

If people want these programs, do the hard work and start championing for large tax increases.

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I believe they are alreading working on increasing the tax rate for similar reasons.

My 50% tax rare isn’t enough?

My wife likes to work, yet contributes nothing due to taxes. Accounting for extra expenses.

A lot of jobs are basically untenable if you account for extra expenses, including a lot of the "gig economy" scams.

I don't really believe you're actually paying a 50% tax rate. Unless you mean a _marginal_ tax rate.

Probably not federal, but I pay that much in state and federal combined. It’s believable for a tech worker in ca.

I’m a tech worker in California, and my effective tax rate is nowhere near 50%. I suggest you get a better accountant.

There are a lot more taxes than just income tax.

Property tax, sales tax, car tabs, usage fees, gas tax, sin taxes, etc. These all add up, and depending on your lifestyle can easily go well above 50% in California. (The highest federal + California tax rate is already around 50%.)

My wife and I are high income earners in the state of California. Looking at our 2019 tax returns, I see our effective tax rate was 29%. Property taxes were 4.5%. So, together a smidge below 34%.

To get to a 50% tax burden, the remaining 66% of our income would have been taxed at a ~24% rate. Of course that didn't happen since we spent on things like our 401(k) and food (both of which are not taxed), plus our cash savings.

I stand by my statement that any high-income earner paying 50%+ in taxes needs to get a better accountant.

What about paying them to stay out of prison?

It's more economically rational to build prisons. Think of the jobs!

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