Rubio recently unveiled his income tax reform plan which called for two tax brackets - 15% and 35%. The 35% rate would kick in at $75,000 so he’s already talking about raising taxes on anyone making between $75,000 and $405,000. Either Rubio is stupid or he’s lying through his teeth.
35 percent at 75k!!!??? that is nothing in NY. I know it is a lot in other places but me and my girl’s combined over 100k can barely find a place to buy under 500K and our skills are useless outside of ny and (even worse) LA!!!
If that is true, indeed it is a tax increase for AGI > $73,800
(current rates for married filing jointly). But must also take into account deductions and exemptions proposed. All that affects taxes also.
$0 to $75,000 15%
75,001 to $150,000 15%
$150,001 and higher 25%
Compare that with current IRS tax rates:
$0 to $18,150 10%
$18,150 to $73,800 15%
$73,800 to $148,850 25%
$148,850 to $226,850 28%
$226,850 to $405,100 33%
$405,100 to $457,600 35%
over $457,000 39.6%
Comparing the current tax rates with Rubio proposal,
Rubio's proposal has tax cuts -or- no tax increase
for every joint return with AGI over $18,150