re: Tax brackets, standard deduction get 7% increase for 2023

Yes, I understand marginal rates (only 37% on the $600K+, for an approximate marginal rate of like 26% vs nearly the full 37% for somebody claiming &10MM) & No I wouldn’t say I’m advocating for a higher tax bracket.

What I’m saying is, those who are always so outraged about the “ultra-wealthy” & “nobody needs to make that kinda money” crowd (I’m all for everybody making as much money as you possibly can), they are the ones who seem to be advocating for a higher bracket.

So I guess my point is I don’t think THEY understand, that with the current tax brackets, you’d be taxing a family who makes $600K/yr in their highest (yes, marginal) bracket the same as someone who shows they make the $10MM/$50MM annually.

But, I also agree with meansonny, that many of the multi-millionaires have very strategic planning to limit their returns & tax liability, and a new/higher bracket, likely would not make a material difference anyways. Most of the people don’t understand that a net-worth “millionaire” or “billionaire”, doesn’t have $1BIL in cash sitting on the sidelines for you to tax, much less on an annual basis.