A lot of questions as to how I came up with the 66% figure for the marginal income tax rate under Biden.

This is my scam, I make exaggerated claims about taxes on Twitter for those sweet, sweet likes.

This isn't hard, though it may be hard for some of you, so pay attention.

2/ Biden wants to raise the top marginal rate from 37% to 39.6%. Easy enough. The brackets will stay the same, so for a married couple filing jointly this will kick in around 612K.

So far so good.

3/ Currently, payroll taxes apply to the first $137,700 in income, but then not after that. Biden wants to levy payroll taxes on $400,000 in income and above.

Remember, payroll taxes are 6.2% and employers also pay 6.2%. Self-employed people pay the full 12.4%.

4/ So a self-employed person will have a top marginal rate of 53% percent (39.6 + 12.4) for income above $612K.

Throw in a state rate of 13% for California and NYC and you get to 66%.

I actually left out Medicare taxes, which would be almost another 3%, for a total of 69%.

5/ This is a bit sneaky, because this is all done outside the regular income tax brackets, so it's hard to see the full tax impact.

If this passes, we will have the highest marginal rates in the world, well above Sweden.

Thus endeth the lesson.