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To: SuzyQue
It wouldn't work that way. The income between $30,000 and the next level would be taxed at the higher rate - the first $30,000 remains at 1%. So at $30,100, you would pay $305.00.
30 posted on 08/10/2015 7:37:54 AM PDT by Mr. Jeeves (Heteropatriarchal Capitalist)
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To: Mr. Jeeves
Correct. The point is that everyone pays something.

Interesting that under these rates most folks would pay more to F.I.C.A. than Federal Income tax.

The other point is eliminating corporate taxes and imposing meaningful tariffs. That would trigger massive capital repatriation inflows as well as "insourcing" jobs back to the U.S.

The key point, however is to restore taxation to its intended purpose of revenue generation rather than as a tool for influence-peddling. Most the lobbyists that infest D.C. are there to plead for special favors in the tax code. They can all look for real jobs.

96 posted on 08/10/2015 10:23:10 AM PDT by AustinBill (consequence is what makes our choices real)
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