It can’t though. The tax rate on income is on the chunk of income in that bracket. Anything you earn less than that (so before the stimulus) is taxed at the lowest brackets’ rates. Said in a different way, only additional income in a new income bracket is taxed at higher rates. You don’t take home less after taxes because your income goes up, ceteris paribus.
It can’t though. The tax rate on income is on the chunk of income in that bracket. Anything you earn less than that (so before the stimulus) is taxed at the lowest brackets’ rates. Said in a different way, only additional income in a new income bracket is taxed at higher rates. You don’t take home less after taxes because your income goes up, ceteris paribus.
Don't bring logic into this gripe fest!
Ha! I was reading an economics text book this evening and just came across that term for the first time a few hours ago.
Yes, I am reading an Econ book for personal enrichment, not for a grade haha
Good point Cards81fan, forgot about that small detail lol
Someone should take your temperature!!!! Honestly you'll get more out of it if it's not for a grade lol.
Not everyone in the 'upper tax brackets' is rich... some people in that realm still live paycheck to paycheck and have a ton of debt business and/or school debt. One or two lost paychecks can be just as crippling to them as to you.
Jus' sayin'. I used to think the same as some of you...
Jus' sayin'. I used to think the same as some of you...
Socialism anyone?
Yeah, be VERY careful! That 45% tax bracket could be made to kick in at the bottom. How would you like to make $1.00 a year and pay in $0.45 in taxes?
Woody
I constantly bumped the max tax rate with overtime pay. Typically having so much overtime that it seemed the norm, but yes your correct.
Similar threads
