Except, we are talking effective tax rate. The rate of the accumlated brackets
If you are single, you pay 10% on your first $9,699,
12% on the dollars $9,700 to $39,474,
22% on dollars $39,475 to $84,199,
24% on dollars $84,200 to $160,724,
32% on dollars $160,725 to $204,099,
35% on dollars $204,100 to $510,299
and 37% on dollars $510,300 and above.
This, of course, is on your adjusted gross income after deductions (of at least $12,200 if you're single). Then come any refundable tax credits if you qualify.
So, lets say your total income was $90k (assuming no interest income or other income) and you only take the standard deduction, that puts your AGI at $77,800, you'll pay $969.90 in the first bracket, $3,584.88 in the second bracket and $8,431.50 in the third bracket, for a total tax liability of $12,986.28, which is an EFFECTIVE tax rate of 14.4% on your total income (assuming no tax credits to reduce your tax liability). Granted, this is just your federal income taxes, if you pay state income tax you obviously will be paying more.
Thank you for making my point with actual numbers.
Again my point was that $12,986.28 taken away from my family is severe dent in my lifestyle. I couldn’t send kids to good schools by affording a house in a desirable school district, and further I couldn’t afford to help deserving kids with college tuition, and if a big medical bill comes my way, I will be heading to bankruptcy court.
On the other hand if first $48,000 income was tax exempt, and then tax brackets started at 15% upto double median family income of 120k, my tax would be (90k-48k exempt)-12200 standard deduction boils down to $4470 tax.
That would allow me to save 12986-4470=$8516 which would go a long way from falling into bankruptcy situation with a big medical bill.
On top of everything my proposal would win huge number of middle class votes now going to democrats. I would rather republicans keep WH, Senate & House than lose to democrats who will make abortions paid by tax payers, cut military spending, dismantle the partial wall on southern border, import low skilled immigrants, and appoint justices like Sotomayor & Ginsburg.