France’s 75% Tax on Millionaires is Not What You Think

Almost two years ago now, there was a big hullabaloo because France proposed a 75% tax on millionaires. Some folks were really upset that millionaires were going to have to pay 75% of what they earned in a year for taxes. WRONG. This is not true. In no country (that I’ve ever seen), do taxes work this way. […]

Taxes are the Same for Everyone: Marginal Rates vs. Millionaires and Billionaires

I was watching some of the coverage of the ongoing fiscal cliff mess and I heard one of the people being interviewed talking about how the “Bush tax cuts” are going to be extended for 98% of Americans. This. Is. So. Wrong. I’d like to assume that the people on TV informing the nation know that […]

There Is No Fiscal Cliff: A Lesson in Metaphor

If you live in Washington, DC, you most certainly hear and read about the “fiscal cliff” on a daily basis — especially as the “impending doom” inches closer. If you don’t live in DC, you’ve probably still heard/read about the fiscal cliff because there are national implications. I wonder — did you stop to think […]