There are a few Americans, a precious few, who have incomes that get into the ten digits. And those ten digits don’t include any on the right side of the decimal point. That means there are Americans with yearly incomes that top a billion bucks. I say more power to them. But here’s what’s interesting: the federal statutory income tax rate on the last dollars of these folks, i.e. their marginal rate, is the same as for those whose taxable income is less than 0.0005 times as much as theirs. All of our federal individual income tax rates kick in below $500,000. Regardless of one’s filing status, if one’s taxable income is $500,000, one’s last dollars will be taxed at the same 39.6 percent rate as a billionaire’s last dollars. The chasm between incomes of $500,000 and $1B is proportionally the same as that between incomes of $500 and $1M -- the low and high of both comparisons are separated by a factor of 2,000. So an earner who is just shy...(Read Full Article)