Okay, let's say for sake of argument that we DID pay reparations. And let's just go with the figure of $1 million per former slave. Let's see how far that goes...
The $1 million would have to be considered earned income, let's tax that at the current top rate of 39%.
Don't forget to deduct for Social Security and FICA - that's another 12%.
Plus you have to consider the Alternative Minimum Tax, which would probably kick in at that level. Let's say another 12% to cover that.
Plus, since i think we can safely say that there are no living former slaves, that means that Estate Tax will be due, and that's pretty high... let's use conservative figures and call it another 25%, since the top rate is around 55% i think.
Then, lest we forget, state income taxes, let's say on the order of 8%.
Gotta remember to pay those sales taxes, excise taxes, intangible property taxes, the luxury tax, value added tax...
Pretty complicated tax return to file this year... better get a tax attorney, accountant, and professional tax preparer like H&R Block.
Don't forget to check off to contribute a buck to support the Presidental Election Fund.
hmmmmmmm... i'd say that each former slave will end up owing money when all is said and done. And the republicans are having trouble figuring out how to win black votes?