The user who described himself as a “white male in my 30s” said that he grew up “fairly poor,” and then started a successful consulting firm after nearly a decade in the military, earning him “membership in the 1% by pretty much any definition of the phrase.”
“After all the write offs, business expenses, mortgage interest deductions etc… My Taxable Income is less than half of my Gross Income,” the 1 percenter noted. “Add in my capital gains earnings at their super low tax rate even though my gross income is well over the top tax bracket my effective tax rate is usually around 17-18% every year and could actually be quite a bit lower if I put actual effort into (legal) tax avoidance strategies.”
“So please don’t let the ‘91% top tax bracket’ fool you. The rich will still be PLENTY rich. My standard of living will change exactly 0%,” he insisted. “I’ll still drive an expensive car and go on nice vacations and pay my employees and buy the same things I always bought.”
“Feel free to look up all the studies of how very little product prices would have to increase to support doubling the minimum wage and still maintain profit margins. It’s laughable,” he wrote. “I pay every one of my employees above market rates cutting into my own profit margins and here’s the result. I have a cult following.”
A self-described member of the 1 percent shocked the Reddit community on Wednesday with an explanation of why he was voting for the presidential candidate who has made higher taxes for the wealthy a tenet of his campaign.
Curated from ‘Member of the 1%’ shocks Reddit: ‘I’m voting for Bernie Sanders. Here’s why’
