By allowing the 2003 tax cuts to retire, President Obama will be increasing the bottom rate from 10% to 15% ...
more math here:
Raising the 10% bracket to 15% represents what percentage of increase? Hint: The correct answer is NOT 5%.
Raising the 35% bracket to 39% represents what percentage of increase? Hint: The correct answer is NOT 4%.
Extra credit question: People in which tax bracket will see the largest percentage of increase in their taxes?
Extra extra credit question: People in which tax bracket will see the smallest percentage of increase in their taxes?
To those moving from the 35% to the 39% tax bracket...that’s roughly an 11% increase in taxes.
To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.
So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money, but the percentage compared to what they already make is lower.
“So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money, but the percentage compared to what they already make is lower.”
I really don’t have a problem with that. I’d like THE POOR to start paying their way, a bit, at least, now that they have free health care (along with free food, free housing, and free spending money).
Thanks for that! I will definitely be using that info.