Posted on 11/16/2021 1:52:20 PM PST by ctdonath2
Marginal Rates: For tax year 2020, the top tax rate remains 37% for individual single taxpayers with incomes greater than $518,400 ($622,050 for married couples filing jointly). The other rates are:
(Excerpt) Read more at irs.gov ...
But don’t forget EIC, TANF, EBT, Obamphones, free internet, Section 8 housing, heating assistance, etc in the equation.
I have a better idea.
Tax the money when it’s spent. Lets have the Fair Tax.
Plank #2 of the Communist Manifesto: A heavy progressive or graduated income tax.
http://www.laissez-fairerepublic.com/TenPlanks.html
This chart is not gross income. This is taxable income. Low-income people also get the Earned Income Credit, so they get a bonus welfare check FROM the IRS.
Most people do not pay any income tax.
You’re looking in the wrong area.
“The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up $400 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020”.
A single person with less than 12,400 annual income has ZERO taxable income. Taxable income only starts after the standard deduction.
God: I expect 10%.
Government: I’m more important than God.
You are forgetting standard deductions.
Good!!! Among the many benefits people will be sick of paying $13K annually and get better jobs or a second job. I’ve worked two jobs for years.
Current numbers: “More than 100 million U.S. households, or 61% of all taxpayers, paid no federal income taxes last year, according to a report from the Tax Policy Center.”
“it continues an ongoing trend of fewer households paying income tax due to long-running expansions in the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC). TPC finds that in 2020, out of 176.2 million individuals and married couples who could file a tax return, about 144.5 million of them actually filed a tax return. Of the 144.5 million, 75.1 million filers paid no taxes after deductions and credits. Another 32 million households did not file a tax return. In total, about 107 million Americans (or 60.6 percent of households) paid no federal income taxes.
Using adjusted Internal Revenue Service (IRS) data to include households that do not file tax returns and fewer filing households paying income tax, we arrive at a preliminary estimate of 61.1 percent of households not paying income tax in 2020, which is close to TPC’s model estimate.”
https://taxfoundation.org/us-households-paying-no-income-tax/
In this age of insane government deficits, taxes are just punitive for anyone. .Gov has no actual real need for tax revenue.
The Fed has shown it will grant trillions of wishes to .gov, so it makes no difference what the deficit is...
I used to work at Union Gospel Mission on Skid Row..
What I learned about the “HOMELESS”:
the reason why they live in tents is to prove to the state they are without a physical address. The amount average circa 2021 is $3000 / month. IF they are accepted on section 8 housing, the monthly they receive is $900. And the VERY and ONLY thing they protect with their life is the BANK CARD. They can lose the tent, clothes and sh*t but the bank card is where they can access their money. Try proving to the bank you are the owner of that card when you roll in smelling like sh*t and a dirtyy luggage..
Should be flat rate. It’d actually work to keep spending under control.
I have the equivalent of 13 paychecks taken for taxes every year.
Yes, I’m paid well, but 13 FCKN paychecks!
And these mfers want even more?
FJB!
Amen.
yup. in the end they end up with a negative tax rate.
I'm closing in on 14 years with zero jobs. I could have gone back to work, but I think it would have been the waste of a perfectly good life.
Knew the range of responses would be fun.
Yeah, should easily get that to zero - after finding a printed copy of 1040EZ, understanding the directions and terminology, doing the math, filling it out, and mailing it in. Those lacking the cognitive wherewithal to earn more than $PovertyLine may very well be hard pressed to do much as show they don’t owe 10% after all.
I just find it interesting that for all the rhetoric, the STARTING POINT on taxing the poor is 10%. Politicians just can’t say, in simplest terms under menial circumstances, “you don’t owe us anything.”
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