NO… you won’t get tax 40%… I’m use to do accounting work… you get MARGINAL TAX

[hmgROCK]

You won’t get tax 40% or whatever the rate is these days
You get MARGINAL TAX

For example:

$0-10,000 is         0%
$10,000-$20,000  10%
$20,000-60,000    20%

Etc… so on

$400,000+ 40%


Even if you are bill gate making $5 billion dollars
Your first $10k will be 0% 


I just use simple number for easy example