Skip to comments.2013 coming tax increases (does this math look correct?)
Posted on 05/11/2012 10:10:29 AM PDT by TurboZamboni
By allowing the 2003 Bush tax cuts to retire, taxes will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%. is this math correct? :
Raising the 10% bracket to 15% represents what percentage of increase? (Hint: The correct answer is NOT 5%)To those moving from the 10% bracket to 15%, their taxes will be increased by 50%!!
Raising the 20% bracket to 25% represents what percentage of increase? (Hint: The correct answer, again, is NOT 5%)it's s a full-blown 25% increase in taxes
Finally, raising the 35% bracket to 39% represents what percentage of increase: (Hint: The correct answer is NOT 4%)thats roughly an 11% increase in taxes.
(Excerpt) Read more at freerepublic.com ...
how many in the voting public do you think understand this?
“how many in the voting public do you think understand this?”
ALMOST NO ONE...
The Gay-Controlled Magic Squawking Box in the living room won’t be telling them this, either.
And anyone who DOES dare to try and get this info out to the sheeple will be brandad a RASSISS!
This is correct. I wish it were simple to post files to FR and I would provide you a table / graphs / analysis on this that I did last year.
The impact of a BLANKET expiration of the Bush Tax Cuts will be more serious for the lower bands than for the upper. The politicians have been twisting the truth (surprise) on this for as long as it has been around and the press (surprise again) has been helping them.
It is nothing but lies that it was all “for the rich”. It is the reason so many DON’T PAY ANY TAXES AT ALL now.
VIRTUALLY everything is wrong now.
As much as I want to see the deficit spending stop, raising taxes isn’t the way to do it. It would be like trying to cure a heroin addiction by giving a bigger dose to satisfy the cravings.
Now isn't that an Obummer mainly on the poor.
If you are going to include the SS increase in one spot then you have to include it in both. So the current 10+4.2 goes to 15+6.2, or 14.2 goes to 21.2 which is a 49% increase.
The flip-side to this is that for years the left has been screaming about Bush’s “tax cuts for the rich” when in percentage terms, the lower middle class benefited much more over the last ten year’s from Bush’s tax cuts than the rich ever did.
And yet ... all these tax brackets collect a total of less than $1T in revenue. If everyone paid at the LOWEST tax bracket, but there were no deductions or credits, the Fed income tax would collect MORE than $1T. Depending on whether SS and tax exempt bonds were made taxable, the collection would be as high as $1.3T.
Clearly, people are not interested in a simple tax scheme that would actually raise more revenue — they prefer a tax system that can be used to intimidate people, influence their behavior, while treating unsuccessful people as blameless victims and successful people as heartless villains.
do you have a breakdown of what income levels
(single and married) fall into which percentiles?
I want something clear and concise to be able to post to newspaper websites
It is a big spreadsheet.
Tax Foundation is your best bet.
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